Virgin Money will put mortgage eligibility in the hands of homebuyers and intermediaries after joining Experian’s pre-qualification platform, helping to widen its reach in the digital marketplace.
The partnership sees Virgin Money become the latest brand to join Experian’s panel of lenders that appear on pre-qualification websites and adviser platforms. It helps to match prospective customers to the mortgage deals they are eligible for and provides a far more accurate decision earlier in the application process.
Combining Virgin Money’s mortgage affordability requirements with Experian’s soft search capabilities, the solution provides customers with an automated decision based on their credit history to determine whether they match the mortgage lending criteria. If accepted, the application will be supported with details of the maximum amount they can borrow.
Experian’s pre-qualification platform, which now includes Virgin Money’s standard residential and Help to Buy ranges, helps set clear expectations around people’s borrowing power and the options available to them.
Brokers can also benefit by using the 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 now available through pre-qualification platforms including Mortgage Gym, New Homes Group, Mojo Mortgages, Property Pal Mortgages and Iress Xplan Mortgage.
David Vertannes, Co-Founder & 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.”