New Mortgage Eligibility Tool

If you’ve been considering buying your first home, you’ve been looking to remortgage or even move house, then you’ll probably have questions about how much you can borrow and whether or not you’ll get accepted.


Well, wonder no more, if you’d like to get an idea simply online then you can use a brand-new tool that has been launched by Experian Credit Agency.


This new online tool takes the guesswork out of whether or not you may be accepted and also how much you can look to borrow. It works by estimating your chances of being accepted for a mortgage by specific lenders and the great news is that it won’t leave a mark on your credit report unlike apply for a mortgage with a lender directly.


So how does it work? Drawing on information on your credit report, your credit score, your personal circumstances as well as your income and the deposit available, the website CreditMatcher website will provide a likelihood of being accepted by different mortgage providers.


You will also have to enter information about any debts, how much you are looking to borrow, how much you can put down as a deposit. As a result, you’ll be provided with information about the types of mortgage products best suited to your circumstances as well as a rating to how like it is you’ll be approved. The rating will be shown in terms of ‘Excellent’ or ‘Good’ whereas if you are currently self-employed, it is likely that it will suggest that a lender will want to review your application further.


If a potential buyer meets the criteria of the mortgage lender but the lender isn’t willing to lend the full amount being requested, then the tool will highlight how much deposit is likely to be required to eventually get an approval.


If from the information you have entered, no lenders would look to your application then you’ll be provided with information that suggests there are ‘no results’. This would be an ideal time to speak to an Adviser and get professional guidance and advice.


The CreditMatcher tool is currently available to use via the Experian website.


If you’d like to speak to an adviser about the possibility of getting a mortgage or you have questions about eligibility, then get in touch to see how we can help. Email and we’ll be in touch shortly.