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Information is provided on how much each creditor would be willing to give them, as well as the corresponding mortgage choices such as firm, floating, principal repayments and pure interest rate mortgage. In the first step of the lifecycle, customers are given a mortgage value that indicates the bandwidth of the lenders they are eligible for and the available financial resources and interest rate.
The second part explains to the user exactly how much each mortgage provider would be willing to give them, while the third part includes a review against the lenders' suitability requirements. Second last phase proposes a mortgage that suits you - a mortgage that is either permanent or floating and a principal or interest only mortgage - depending on your individuality.
Ultimately, it gives the user the ability to benchmark tariffs and other related charges and understanding the advantages and disadvantages of selecting a lower starting point compared to a lower overall investment. Through WhatsApp, clients can turn to Burrow's mortgage advisors and administer the complete claim online by filing documentation through the program's Dashboard.
Mortgages currently cover the top 10 lenders in the UK, which account for around 80 per cent of mortgage credit, and there are plan to increase the number of lenders in the data base in the next few weeks and month. "As we listen to our clients, we are developing our own appreciation of what they want when they apply for a mortgage.
However, he added that the fact that Burrow does not yet offer full coverage means that consumers can do without better, more appropriate offerings.