Experian has announced that it can now offer mortgage eligibility services to consumers after securing permission from the Financial Conduct Authority (FCA).

The permission means Experian will now roll out its eligibility tool to all its customers, giving potential homeowners the opportunity to find out which mortgages they are likely to be accepted for, and how much they could borrow, based on lenders’ criteria. It aims to revolutionise the mortgage journey for consumers, giving them more confidence about their options when they speak to a mortgage broker for professional advice.

The tool will also help take the stress out of the mortgage process, after new research from Experian found more than a third (37%)* of homeowners think knowing what deals they could be eligible for would have made it easier to navigate.

Amir Goshtai, Managing Director, Experian Marketplace & Affinity, Experian, said: “The home buying process can be a stressful time, so being able to introduce mortgage eligibility will really help consumers better understand their options and give them confidence over their finances. We have become used to checking our eligibility for products like credit cards and loans for some time now, and there’s no reason the service shouldn’t be available in the mortgage market too.”

“Getting the right mortgage can potentially save buyers thousands of pounds a year and simplifying the process with eligibility will make a real difference.”

Full permission from the FCA comes after Experian was one of the first to successfully pilot a mortgage eligibility tool in 2017.