"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"
- Matt Smith - Rightmove
Rightmove and Nationwide have launched a real-time digital tool that shows whether a property is likely to qualify for mortgage lending before a viewing takes place.
The feature, called a ‘property lending check’, is designed to give homebuyers an early heads-up on whether a specific property is mortgage-eligible, based on factors such as flood risk or short lease lengths. It’s the first time this kind of check has been offered at the listing stage.
Until now, buyers could apply for a Mortgage in Principle to see how much they might be able to borrow, but that didn’t indicate if a lender would be willing to finance a particular property.
The feature is part of Rightmove’s broader push to digitise more of the UK property market and reduce friction in the buying process, which currently takes over five months on average to complete. The tool builds on the platform’s existing Mortgage in Principle product, which has seen record usage this year.
For agents, the new check could help flag more serious buyers earlier and reduce deals falling through later.
“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," explained Rightmove’s head of mortgages, Matt Smith.
He added, "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 home, said, “We know that the homebuying 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.”
