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 independent 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 independent.
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 an independent mortgage broker, like ourselves, will ultimately save you time and money.
As Independent mortgage brokers we will not only find the best financial deal across ALL lenders, but will also do all the hard work for you!
- No forms to fill in, we do it all for you.
- 100% independent and research all the best deals on your behalf.
- No more sitting on hold to the lender, we do it for you.
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