New mortgage eligibility service points borrowers in right direction


Mortgage eligibility can be difficult to gauge for borrowers who have faced stricter affordability and stress tests over the past few years.

Unless utilising the services of a broker, most borrowers are in the dark about what mortgage providers will actually lend them until they are well into the application process. Since failed mortgage applications can negatively affect your credit rating, having a better understanding of their eligibility would be hugely beneficial for many borrowers.

Making the mortgage process easier to navigate

Consumers have been able to check their eligibility for a credit card or loan for some time, making the borrowing process easier and protecting credit scores. Experian recognised the benefits of offering the same service for mortgage lending after finding out that a third of homeowners (from 2,000 surveyed) thought that knowing what deals they could be eligible for would make the mortgage process easier to navigate; it piloted its mortgage eligibility tool in 2017.

The Experian mortgage eligibility service shows prospective borrowers which mortgages they are likely to be accepted for and how much they could borrow. The tool itself compares customer credit information against lender criteria, with the aim of protecting a prospective borrower’s credit history.

50% of testers needed to adjust to meet eligibility criteria

During the pilot, Experian found that around 70% of customers would get a mortgage with one of the service’s lenders, but 50% of those testing the service found that they would need to adjust their deposit or borrowing amount to meet lenders’ affordability requirements.

Currently, the providers on Experian’s system are Aldermore, Barclays, Co-op (Platform), Coventry, Family Building Society, Leeds Building Society and West Brom. More lenders are in the pipeline to join the service but cannot yet be confirmed for commercial confidentiality reasons.

The credit reference agency is rolling out its revolutionary tool to customers over the course of a few weeks, having secured a full mortgage eligibility permission from the Financial Conduct Agency.

Highgrove Mews

High Net Yield Freehold Houses

  • Commutable to London (27 mins to central Paddington station)
  • Rental demand extremely strong with large industry presence in Reading
  • Freehold with 4% net yield

£284,955 - £457,000

St Petersgate – Stockport Manchester

New Launch - Stockport Manchester, apartments from £160,000

  • Discounted launch prices from £160,000
  • Excellent transport links with 3 trains per hour to London Euston and only 9 mins journey to Manchester Piccadilly
  • Experienced development team

Assured Rent Housing Association Leases

Assured Rent Housing Association Leases

  • Assured rent & no rental voids
  • Tenant damage cover & newly refurbished inline with requirements of a corporate sitting tenant
  • Free property and lettings management

From £62,000

Emerging Birmingham Commuter Town With Properties From Just £104,000

The emerging Birmingham commuter town where properties are selling in an average of just 24 days

  • A collection of 62 two bedroom apartments and 28 one bedroom apartments.
  • DE14 is one of the fastest selling postcodes in the West Midlands.
  • 23 minute train journey into Birmingham New Street Station.

Properties from £104,000

Mill, Stockport

The Northwest's emerging property hotspot

  • Discounted off-plan 2-bed prices from £162,000
  • Completion date - Q4 2021
  • Rental yields - 6% plus

Discounted off-plan 2-bed prices from £162,000

South Central – Birmingham City Centre Apartments

Highly anticipated 28 storey launch in Birmingham City Centre with an impressive roof garden and communal facilities.

  • 154 units across 28 storeys
  • Residential multi-media community room, gym, roof garden and sky cinema
  • Excellent future connectivity via the metro system to other key transport hubs and locations around the city

from £205,800


Talk to us

Speak to our UK property experts today: 

+44 (0) 333 123 0320

Open from 9am-6pm GMT

+852 9865 4446

Open from 9am-6pm HKT

Stamp Duty Calculator


Unlock members only investment opportunities and full development details. Join now – it’s free, quick and easy.


Not a member? Sign up for free

Online estate agent Purplebricks sells 76% of properties it lists

New mortgage eligibility service points borrowers in right direction


By submitting your details via this online form you agree to be contacted via email/phone/SMS by Direct Marketplace Ltd t/a BuyAssociation in relation to property investment and property developments . We do not share your personal details with third parties.  To view our full Privacy Policy click here.