A new service from Experian and the New Homes Group is promising brokers to have the ability quickly understand which lenders will accept their customers for a shared ownership mortgage.
Shared ownership is the latest scheme to be added to Experian’s pre-qualification eligibility panel. The government’s rules and affordability calculation are included in the check, so brokers will quickly qualify the customer with more confidence that the lender will accept them. This allows more time to provide advice and guidance for customers looking for a non-standard mortgage deal.
The new £11.5 billion Affordable Homes Programme runs from 2021 to 2026 and will deliver up to 180,000 homes across the UK, generating more demand for shared ownership.
Lisa Fretwell, managing director of data services at Experian UK&I, said: “Getting on the property ladder is an exciting moment in anyone’s life, yet the path leading up to receiving your keys can be daunting. We’ve worked with The New Homes Group to make the shared ownership mortgage application process that little bit easier for brokers and their customers alike. It’s the perfect time for this service as the UK ramps up its delivery of affordable homes.”
Terry Higgins, group managing director for new build mortgage services at The New Homes Group, said: “We’re keen to do more to support aspiring homeowners as the UK invests billions in affordable homes. The New Homes Group has over 30 years of new build expertise and the local knowledge required to support people on their journey to owning a new home. This technology will help people find the best shared ownership mortgages they qualify for. On the way, they’ll get expert support and advice, right up to moving day.”
The Skipton Building Society and three other lenders are on the panel to launch the service, while others are in talks to join over the coming months.
Alex Beavis, head of mortgages at Skipton Building Society, said: “We’re delighted to see shared ownership added to the Experian eligibility checking service. As mutual, we aspire to promote and enable homeownership in all forms, believing that shared ownership provides a much-needed bridge for aspiring homeowners in the private rented sector to migrate into the security of mortgaged homeownership. We’re also keen supporters of new technology, and this enhancement to the Experian pre-qualification service will improve both the customer and broker experience for new shared owners.”