MortgageChecker

The instant “traffic light” triage solution, which informs UK mortgage lenders of whether & how to proceed based on their specific lending rules and LTV criteria.

MortgageChecker Overview

In short, MortgageChecker is the new data-driven “triage" solution from WhenFresh, which enables residential lenders to instantly and remotely screen new mortgage applications against any set of lending rules and LTV criteria, to decide how they should be processed.

A “Traffic Light" system informs the lender as to which (approx. 50%) can go direct to mortgage offer with no physical survey, which (5-10%) clearly fall outside LTV lending rules, and which need to follow standard processes.  

The Problem

For each residential mortgage application it receives, the lender must decide whether the applicant(s), the LTV and the property represent acceptable risk.

Applicant credit-checking has long been quick & automated and LTV validation has improved with AVMs.However, checking the property largely remains a manual process which very often involves a physical survey visit, then Title searches and potential PVQs.

Applications are often treated much the same and the whole process is time-consuming, resource-hungry and costly. Worse still, after wasting weeks and ££££s in processing, 5-10% of applications are later found to fall outside Lending Rules or LTV criteria and/or there are issues with the Title, so they go no further. 

The Solution

The MortgageChecker App from WhenFresh changes all this.  WhenFresh builds bespoke MortgageChecker Apps, tailored to reflect any set of LTV and lending rules.

As each new application comes in, the lender logs into their MortgageChecker App and simply enters the property address, the purchase price and requested mortgage amount, to instantly interrogate WhenFresh's vast data resources via API to check whether the property meets lending rules and LTV criteria and whether there are any issues with the Title, such as the presence of a flying freehold or restrictive covenants.

MortgageChecker is then able to instantly inform the lender of how to proceed with each individual application based on a 'traffic light' system, BEFORE any unnecessary costs are incurred.

MortgageChecker Explainer Video:

MortgageChecker Outcome Definitions:

PROCEED DIRECT TO LEND – Where the property clearly and fully meets lending rules and LTV criteria, the lender make an immediate mortgage offer using an AVM valuation if needed, with no need for a physical property inspection/valuation.

PROCEED, SUBJECT TO STANDARD SURVEY – Where the property is a border-line pass of lending rules and LTV criteria, or where MortgageChecker identifies potential issues, the lender should “proceed with caution" using a standard or desktop survey.

BEWARE, SIGNIFICANT ISSUES IDENTIFIED –  Where the property falls outside the lending rules and/or LTV criteria, MortgageChecker highlights the issue to the lender so they can make an informed decision as to whether and how to proceed before incurring costs.

Expected Outcome Breakdown: 

The outcome splits vary due to differences in specific lending rules and LTV criteria, but we normally expect approximately:

50-75% Proceed Direct to Lend – no survey needed.
20-40% Proceed, subject to standard survey.
5-10% Beware, significant issues identified.

WhenFresh MortgageChecker Outcome Splits

WhenFresh Data Attributes

WhenFresh has combined over 200 proprietary, private and public datasets in one place to provide physical attribute, risks, perils, geospatial, environmental, market, valuations and climate change data for virtually every residential property in the UK.  Users instantaneously access the data items they need, in the format they prefer via the WhenFresh API on a pay-as-you-go basis, including:

WhenFresh Property Construction
Property Construction
Full details of individual property construction, including:> When Built > Wall Types & Materials > Roof Type & Materials > Roof Pitch > Number of Storeys
WhenFresh Property Attributes
Property Attributes
Comprehensive details of the property's physical attributes, including: Number of Bedrooms | Number of Bathrooms | Number of Reception Rooms | Property Extent etc...
WhenFresh Property Description
Property Type & Description
A full breakdown of the type and description of the building, property and dwelling, including: Detached | Semi-Detached | Terraced | End of Terrace | Bungalow | Maisonette | Flat | HMO and more...
WhenFresh Risks & Perils
Risks & Perils
Risks & Perils, including: Subsidence Scores | Flood Risk | Proximity to Water | Proximity to and height of nearest Tree(s) | Proximity to Fracking and more...
WhenFresh Valuations
WhenFresh Valuations Suite
WhenFresh has developed a suite of valuation models using advanced temporal analysis, local micro-market, live property sales & rental data and can provide instant, accurate valuations for virtually any residential property in the UK without the need for a physical survey and now, backed by insurance.
WhenFresh Market Activity
Market Activity
Through our long-established partnership with Zoopla Property Group (ZPG), WhenFresh has licensed access to live property market data throughout the UK, including new sales and rental listings | property & rental prices and fluctuations | dates when properties are sold or let | new builds and more...
WhenFresh Geospatial
Geospatial
Comprehensive geospatial information from airborne and satellite imagery, providing granular data on height above sea level | Extent of garden | slope of garden | gradient of land on which the property is built and much more...
WhenFresh Property Topology
Property & Roof Topology
LIDAR technology accurately measures the shape and dimensions of each property and its roof, including: roof apex height from ground | roof shape | percentage of roof at different slope angles | height of guttering from ground level | building storeys | external building extent and much more...
WhenFresh Climate
Climate Change
A range of current and future climate change datasets for lenders and insurers to protect current portfolios and originations commercially and to fulfil regulatory obligations.
WhenFresh Environmental
Environmental
Environmental data including: proximity & height of trees | Cheshire brine | soil type | contaminated land | Japanese knotweed and much more...