The partnership will see Dashly embed an advanced affordability tool into its rapidly growing ecosystem, for the benefit of borrowers, mortgage advisers and lenders.

Dashly allows mortgage advisers to onboard their clients and are then alerted whenever Dashly identifies an opportunity for them to save money, taking into account all fees and early repayment charges.

Castlight’s Affordability Passport uses open banking technology, so Dashly users can choose to share their current account transactional data in real time with both their advisers and lenders.

Through its blend of real-world transactional bank data and credit bureau information, the Affordability Passport gives advisers a true-to-life income and expenditure report.

This provides them with a much more realistic idea of what their clients can afford, and also automates what until now has been a time-intensive manual process, giving them more time to focus on advice.

For lenders, the Affordability Passport combines an unprecedented amount of accurately categorised transactional information, together with the full CAIS (the shared database of credit history maintained by Experian) and credit score. With this data lenders can make fast, informed and compliant lending decisions.

Martin Leonard, chief operating officer at Castlight Financial, commented: “We are thrilled that our technology is helping to power Dashly.

“Dashly has set out to change the way mortgages are not only taken out and advised on but also created, which has the potential to be a radical shift within the industry.

“At the centre of our proposition is financial security for lenders and borrowers and it’s a philosophy that drives Dashly, too.”

Ross Boyd, founder of Dashly, said that Castlight’s Affordability Passport is reinventing the way lenders assess and understand credit risk.

He explained: “The integration of this real-world affordability tool into Dashly’s ecosystem is taking us a step closer to pre-approved remortgages. Essentially, people will no longer need to apply for a remortgage as their application will already have taken place.

“Open banking and always-on comparison technologies share the same goal within the mortgage world, namely to save borrowers money, time and effort, empower brokers to champion advice and help lenders to de-risk through data-powered insights. The synergies between Dashly and Castlight were too strong to ignore.”

Dashly allows mortgage advisers to onboard their clients and are then alerted whenever Dashly identifies an opportunity for them to save money, taking into account all fees and early repayment charges.