There has been more innovation in the last 18 months, than in the last 18 years in the mortgage industry, and this new tool, the mortgage eligibility checker is an interesting development
Anything that gives the buyer more information has to be a good thing.
However, on reviewing this new tool, we would advise some caution.
This new tool looks like it sits somewhere between robo advice (where a computer / algorithm tells you the likelihood of you getting a mortgage) and a comparison site.
As experienced mortgage advisors our concern would be twofold.
How many people fit in to standard boxes?
Lots of people move jobs regularly and have changes in circumstances. What happens if the criteria says you need to have been in your job 6 months and you have only been there 5 months?
A broker would know which lenders are happy with that and could argue by the time the case was offered you would have been there 6 months. A computer, on the other hand, would just say no.
The other concern would be how comprehensive over the range of mortgages the results are.
It may not be commonly known, but many comparison sites sell on data, and the person buying that data may not be provide a comprehensive range.
Therefore, you may not be offered the best possible deal.
So, in summary, we think this new eligibility checker is certainly a handy tool and worth taking a further look. However, we still strongly believe that speaking to a broker that offers a comprehensive range like ourselves, will ultimately save you time and money.
As mortgage brokers we will not only find the best financial deal but will also do all the hard work for you!
- No forms to fill in, we do it all for you.
- Research all the best deals from a comprehensive range of lenders on your behalf.
- No more sitting on hold to the lender, we do it for you.
Don’t hesitate to drop us a line to book a no obligation consultation.
0800 970 1795