The Mortgage Score is a new feature in the Check app and allows anyone looking to buy a home to see their credit score, check current borrowing, and see affordability. It also makes the deposit objectives clear. It can also be used by homeowners who are remortgaging.
The Check app, also available online at Check.co.uk, is a financial wellbeing platform and this latest feature provides personalized insights that create a ‘mortgage readiness’ score to help users identify areas to work on before submitting their application.
Part of this is looking at a user’s credit score, but Cheek said that alone doesn’t give you the full picture.
In fact, mortgage lenders also consider whether applicants can afford the repayments, taking into account their income, spending and existing financial obligations. For potential buyers, the available deposit is another part of the picture.
Users can explore a potential purchase budget, set property and deposit goals, and track progress over time. The goal is to help people understand how their finances fit into their estate plans early in the process.
Matt Meacham, director of Check.co.uk, said: “Whether someone is buying their first home, changing homes, remortgaging or looking to release equity, understanding how prepared they are for a mortgage is about much more than just having a good credit score.
“Consumers need a clearer picture of their affordability, current financial commitments and potential options available to them. Often, they only begin to explore these factors when they are actually considering a mortgage application.”
“The Mortgage by Verification score is designed to bring this understanding much earlier in the journey, helping people identify areas where they may be able to improve and make more informed decisions about their next steps.
“For mortgage brokers, this also creates an opportunity to have better informed conversations with potential clients, who can approach the advice process with a clearer understanding of their financial situation.”
