Rightmove has joined forces with Nationwide to launch a ‘world-first’ property lending check service.
Potential homebuyers can see if they are likely to secure a mortgage on a specific property before a viewing.
Nationwide will assess typical property risks on a listing, such as flooding, or short lease lengths, to check if it would be likely to lend on the property.
Currently, a ‘mortgage in principle’ application gives buyers an idea of how much they could borrow, but does not relate to a particular house of flat.
Mission
Matt Smith, Head of Mortgages at Rightmove, says: “This is the next step in our mission to digitise more of the UK property market – the ability to give home-movers a real-time view of whether they are likely to be able to get a mortgage on a specific property.
“Our ambition is to build digital solutions that make the home-buying process more efficient, giving buyers a better understanding of their affordability much earlier,” he says.
“This is a first rollout phase, and we’ll be making lots of enhancements to the property lending check over the coming months.”
The launch of the property lending check feature is the natural next step.”
Henry Jordan, Director of Home at Nationwide, says: “We know that the homebuying process needs simplifying and streamlining and technology plays a crucial role in that.
“By working closely with Rightmove, we’ve already been able to introduce the successful Mortgage in Principle tool,” he says.
“However, we know that people who find a property listing they like are keen to know whether they’ll be able to get a mortgage on it. So, the launch of the property lending check feature is the natural next step.”
