Home buyers can find out that they are eligible for a mortgage on a specific real estate before they view it thanks to a new collaboration between Rightmove and nationwide.
They have launched a digital ‘real estate loan control’ service to help house hunters to gain more insight into their financial possibilities at the earliest possible stage.
Brend buyers will be able to receive real-time information about the chance that they can obtain a mortgage on a specific house before they view the real estate.
Nationwide will assess typical ownership risks on an offer, such as floods or short lease lease, to check whether they would probably borrow on the property.
Although buyers can in principle obtain a mortgage to see how much they can borrow before the hunting home, they do not publish whether a specific house would be eligible for a mortgage.
On average, it still takes more than five months to complete a home sale and the purpose of this new function is to help accelerate the process.
Rightmove said, by making technical solutions that digitize and streamline the processes involved in buying and selling a property, it can improve efficiency.
The new function is a supplement to the mortgage of Rightmove in principle, which is also driven by nationally and helps people understand how much they can probably borrow before, before they go viewing and make offers on houses.
It can help agents to identify more, to break down, break down in wasted time and can reduce the risk that houses will go through later in the process.
Matt Smith, head of Rightmove, said: “Our ambition is to build digital solutions that make the home buying process more efficient, so that buyers get a better understanding of their affordability much sooner.
“This is a first deholfase and we will make many improvements to the real estate in the coming months.”
Mortgage experts said the new tool would help speed up the process and also offer useful insights for buyers.
Nicholas Mendes, MortGage Technical Manager at John Charcol, said it described as a ‘really smart move’.
“One of the biggest frustrations for buyers is to discover, often after they have found their dream ownership and have submitted an application that it is not eligible for a mortgage with that specific lender,” he said.
“Although a broker can do their utmost to prevent this from happening, there are times when factors are outside of their control. How a surveyor, for example, assesses a property or money -specific criteria that only come to light during internal insurance processes.
“Some problems, such as a short lease agreement or a well -known flood risk, are a little easier to identify. But it can get a clearer feeling of the mortgage of a real estate before they even book a look, people can save a lot of time and stress.”