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Just 3.5 percent of consumers eligible for every mortgage deal on market

The amount of people searching for a mortgage who meet the qualifying criteria for every deal on the market is as low as 3.5 percent, according to analysis from Experian.

One in five (22 percent) of those using pre-qualification websites to find a mortgage meet the initial qualifying criteria for every lender on the market. That figure falls to just 3.5 percent once their affordability for their desired loan is considered with an eligibility check.


Pre-qualification solutions help streamline this process by matching customers to deals they are most likely to be eligible for.


On average, lenders decline a third of customers (33 percent) as they don’t meet their full lending criteria. By checking a potential customer’s eligiblity at the beginning of the journey, this unwanted outcome can be avoided.


More than one in four people searching for a mortgage find they are eligible for a mortgage with at least one lender but will not be able to borrow their desired amount. The analysis found 27 percent are eligible for a mortgage, but only for a reduced amount to meet the lender’s affordability requirements. The figure rises to 31 percent for those looking to re-mortgage with additional borrowing requirements.


Lisa Fretwell, managing director of data services at Experian, said: “People don’t want to leave anything to chance when they’re trying to buy their dream home. Pre-qualification websites strengthen their position, signposting mortgages which they will find affordable and be accepted for, so they can get the loan they want.


“Mortgage lenders are using new services to increase their acceptance rates. Pre-qualification connects them with people who are eligible to borrow from them, while Open Banking services allow them to quickly understand someone’s income and outgoings.


“We are working with more mortgage lenders who want to leverage pre-qualification and Open Banking technology to find eligible new borrowers and give customers the best possible service.”


The Mortgage Conference is one of the three key pillars of the Lending Summit, which takes place at the London Hilton Bankside hotel on November 12.


Click here for more on mortgages.

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