Rightmove and Nationwide have launched a ‘global first’ real-time digital feature to help potential home-buyers find out if a property is likely to be eligible for mortgage lending and speed up the buying process.
The property lending check offers potential buyers real-time information about the likelihood of getting a mortgage on the home they want to view, offering ‘more mortgage confidence much earlier in their moving journey’.
Nationwide will assess typical property risks on a listing, such as flooding or short lease lengths, to establish whether they would be likely to lend on the property.
Rightmove says the launch is part of its ‘mission to digitise more of the UK property market and speed up the home-moving process’. The company commented:
“It still takes over five months on average to complete a home sale. By creating tech solutions which digitise and streamline the processes involved in buying and selling a property, Rightmove is aiming to help make the process more efficient for agents and movers.”
The new feature is an addition to Rightmove’s Mortgage in Principle, offered in conjunction with Nationwide, which allows potential buyers to assess affordability before arranging viewings or making offers on homes. ‘It can help agents to identify more proceedable buyers, cut down on wasted time, and can reduce the risk of homes falling through later in the process,’ Rightmove says.
Matt Smith, Rightmove’s head of mortgages, said:
“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. This is a first rollout phase, and we’ll be making lots of enhancements to the property lending check over the coming months.”
Henry Jordan, Nationwide’s director of homes, added:
“We know that the home-buying 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. 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.”
