Online mortgage broker Dwell has launched a new mortgage eligibility checker tool to help people assess how complex their case is and which lenders will lend to them.
Dwell said that anyone currently applying for a mortgage using a comparison website or other online mortgage broker will only be shown the rates on offer but without checking whether they are eligible for the product.
Dwell said Mortgage Checks shows customers within five minutes the rates that they qualify for from the UK’s top 10 lenders, as well as the reasons why a lender may reject an application and what proactive steps can be taken to mitigate this.
Pradeep Raman, CEO of Dwell, said: “While a major life ambition for most people, the fact remains that buying a house routinely tops lists on surveys of the most stressful life events, and initial timewasting is a big factor in this.
“People often see great rates advertised, but may only find out a month later from a lender that they don’t qualify, and some buyers may have an unrealistic idea of what may be suitable for their situation.”
Examples of details that can contribute to the complexity of a case and rule some lenders out for a mortgage include leasehold properties where the lease remaining is too short and non-standard construction.
The calculator can be found here.
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