Check.co.uk has launched Mortgage Score by Check, a new feature designed to help consumers understand, improve and track their mortgage readiness.
Check is an FCA-regulated financial wellbeing platform providing free lifetime access to credit information from Equifax and TransUnion, alongside credit monitoring, Open Banking insights and personalised financial guidance.
Available through the Check app, Mortgage Score brings together a user’s credit information, affordability, existing borrowing, deposit goals and other financial factors to provide a Mortgage readiness score.
Users also receive personalised insights into the factors which may be helping or holding back their mortgage readiness, giving them greater visibility of the areas they can work on before applying for a mortgage.
The feature also allows users to understand their potential home-buying power, set property and deposit goals and track their progress through the home-buying journey. When a user is ready to take the next step, Check can help them explore mortgage options and access mortgage advice.
For mortgage brokers and advisers, Mortgage Score is designed to help prospective borrowers better understand their financial position before seeking advice. By giving consumers greater visibility of their credit position, affordability, borrowing and deposit goals earlier in the journey, the feature aims to help them approach the mortgage process better informed and prepared.
Matt Meecham, director at Check.co.uk, said: “Whether someone is buying their first home, moving house, remortgaging or considering releasing equity from their property, making a mortgage decision is about much more than having a good credit score.
“Consumers need to understand what they may be able to afford, how their existing borrowing affects their position, the equity or deposit available to them and how lenders may view their wider financial circumstances. The challenge is that much of this information can be difficult to bring together until someone is already seriously considering a mortgage application.
“Mortgage Score is designed to bring that understanding much earlier in the journey, giving people a clearer picture of where they stand, what options may be available and the areas they may be able to work on.
“It also means Mortgage Score isn't just for tenants or first-time buyers. We want it to support homeowners throughout their property journey, whether they're looking to move home, review their existing mortgage or understand how the equity they've built up could support their future plans.
“For brokers, that has the potential to mean better-informed conversations with prospective clients, with consumers arriving with a greater understanding of their financial position before accessing expert mortgage advice when they're ready to move forward.”
