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Digital mortgage broker launches calculator tool
The new tool provides real-time estimates on what a customer could borrow from the top 10 lenders in less than two minutes.
The difference between the highest and lowest amount on offer can be as much as £150,000.
“What often isn’t explained and certainly isn’t clear to many mortgage applicants is that each lender has a different attitude to risk and will lend people very different amounts,” said Pradeep Raman, CEO of Dwell.
“This is a huge issue as it can lead to people missing out on the properties they hope for.”
Dwell claimed that many existing tools may not be accurate as a result of the Mortgage Market Review changing the way loan sizes are calculated.
The company suggested that anyone currently applying for a mortgage using a comparison site or alternative online broker would only receive a quote on the amount a lender could be willing to provide.
“Applying for a mortgage is an exceptionally daunting task, but isn’t helped by the fact that people are presented with lots of numbers that ultimately don’t show what lenders will actually be willing lend,” added Pradeep.
“Borrowers want to see if they’re eligible as well as it being affordable.
“The mortgage world has been transformed in recent years and we’re looking forward to launching some new features over the coming months to make this process even quicker and simpler.”
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