Multinational consumer credit reporting company Experian announced on Tuesday that Virgin Money has launched on its pre-qualification platform to help streamline the mortgage process. According to Experience, Virgin Money will put mortgage eligibility in the hands of homebuyers and intermediaries upon the platform with a goal to help wide its reach in the digital marketplace.
“The partnership sees Virgin Money become the latest brand to join Experian’s panel of lenders that appear on pre-qualification websites and adviser platforms. It helps to match prospective customers to the mortgage deals they are eligible for and provides a far more accurate decision earlier in the application process.”
Experian further explained that by ombining Virgin Money’s mortgage affordability requirements with its soft search capabilities, the solution provides customers with an automated decision based on their credit history to determine whether they match the mortgage lending criteria. If accepted, the application will be supported with details of the maximum amount they may borrow.
“Experian’s pre-qualification platform, which now includes Virgin Money’s standard residential and Help to Buy ranges, helps set clear expectations around people’s borrowing power and the options available to them.”
Speaking about the partnership, Simon Wallace, Head of Mortgage Transformation, at Virgin Money, stated:
“By using technology to give customers and brokers more certainty on lending decisions at the very start of their journey, the search for the right mortgage just got easier and faster.”
Experian added that Virgin Money mortgage products are now available through pre-qualification platforms, including Mortgage Gym, New Homes Group, Mojo Mortgages, Property Pal Mortgages, and Iress Xplan Mortgage.