A digital mortgage checker has been launched to give borrowers a uniquely personalised breakdown of the product options available to them.
Online broker Burrow – formerly Dwell – has launched a mortgage report service that takes clients through a five-part process to narrow down the available product options based on their individual circumstances.
It includes information on precisely how much each lender would be willing to lend them, along with the appropriate mortgage options, such as fixed, variable, capital repayment and interest-only mortgages.
The first stage of the process gives clients a mortgage score, which indicates the range of lenders they qualify for, and the products and rates available to them.
Part two tells users exactly how much each mortgage lender would be willing to lend them, while part three involves a check against lenders’ eligibility criteria.
The penultimate stage suggests a suitable mortgage product - a fixed or variable mortgage and a capital repayment or interest-only mortgage - based on the client’s personal circumstances.
Finally, users are given the opportunity to compare rates and other associated costs, and understand the pros and cons of choosing a product with a lower initial rate versus one that has the lower overall total cost.
Customers can contact Burrow’s mortgage advisers via WhatsApp and manage the entire application online by submitting documents through the programme’s dashboard.
The mortgage report currently covers the top 10 lenders in the UK, representing about 80 per cent of mortgage lending, and there are plans to expand the number of lenders on its database in the coming weeks and months.
Pradeep Raman, chief executive of Burrow, said: “By listening to our customers, we continue to develop our understanding of what people want when applying for a mortgage.
“By providing personalised mortgage information online, we are saving consumers time and cutting out the hassle of having to speak with a mortgage adviser to get the same information. Our mortgage report takes the industry forward and makes applying for a mortgage significantly easier.”
Andrew Montlake, director at London-based Coreco, said: “The problem that these new, digital brokers have is trying to differentiate themselves from the others.
"The fact that you can talk to a mortgage adviser [via Burrow] is good, because sometimes just going down the tech route misses out all the soft facts that are crucial to making a really good recommendation.”
But he added that the fact that Burrow does not yet cover the whole of the market means customers may miss out on better, more suitable products.
simon.allin@ft.com
