The mortgage eligibility tool helps prospective customers locate the mortgage deals for which they are eligible based on their credit history and the lender’s criteria.
Virgin will become one of a number of brands to join the panel which benefits from Experian’s soft search capabilities. The lender’s standard residential and help-to-buy ranges will be available for potential borrowers via the platform which helps borrowers understand the expectation around their borrowing power and options but also offers benefits to intermediaries.
Indeed, brokers can use results to swiftly navigate the initial stages of the mortgage process by narrowing down the most suitable lenders for their clients in seconds. This removes the need to negotiate the numerous touchpoints for criteria, credit reports and affordability calculators, often saving hours per application.
Lisa Fretwell, managing director of data services, at Experian UK&I, said: “Going through a lengthy mortgage application just to be turned down can be frustrating for everyone involved, not least the buyer who has found their dream home.
“By checking eligibility at the beginning of the journey, potential customers can see which mortgages they are likely to be accepted for based on their financial circumstances, while at the same time avoiding damage to their credit score.”
Simon Wallace, head of mortgage transformation, at Virgin Money, said: “By using technology to give customers and brokers more certainty on lending decisions at the very start of their journey, the search for the right mortgage just got easier and faster.”
Widening the panel of available lenders during a challenging time will mean better outcomes for homebuyers.
Virgin Money mortgage products are also available through pre-qualification platforms including Mortgage Gym, New Homes Group, Mojo Mortgages, Property Pal Mortgages and Iress Xplan Mortgage.
David Vertannes, co-founder and COO at Mortgage Gym, said: “It’s great to be working with Experian and Virgin Money to bring another top ten lender to our growing panel.
“We are excited to be able to offer instant affordability and eligibility checks from Virgin Money’s range of products and strive to continue to simplify the mortgage process for our consumers, digital partners, and broker customers.”
