It’s no longer sufficient for price comparison sites to simply list the credit products that exist in the market – the modern consumer wants to understand which of these products is suitable for them according to their own personal credit profile. This is where HD Decisions comes in. Our range of pre-qualification solutions helps lenders provide clear information around how likely a consumer is to be accepted for one of their products.
We believe so. And so do the UK Banks and Regulators. Which is why so many of the UK’s top banks have asked HD Decisions to build them a quotation search proposition.
Banks have increasingly believed they should allow consumers the chance to shop around to find out if they can get a product and at what price, before fully committing to the application.
Banks want to do this for a number of reasons; it is good for their customers, it saves downstream costs and frankly the regulators are encouraging it.
These sorts of projects are difficult for banks as they require a specific set of skills and judgment, while IT and Credit Risk resource is often very scarce.
HD Decisions have built up a capability and best practice to fully understand what the client needs in this space and then to deliver these projects. We do this in a surprisingly short time frame, ranging from just a few weeks to a few months – depending on the type of solution required by the client. We specialise in the building of appropriate decisioning solutions that can be multiple bureau and multiple input where it is needed, always using a ‘soft’ credit bureau search. These decisioning solutions can either be fully hosted within our platform, or an API connection to the lenders’ own technology. In addition, clients sometimes ask us to build the customer-facing screen element of the journey so that the project can be delivered rapidly.
HD Decisions supports live pre-qualification solutions in various forms for almost every high street bank and major lender in the UK.
.. but finding the right mortgage can be confusing and time consuming for consumers and brokers alike. It shouldn’t be such an ordeal.
Since the Mortgage Market Review (MMR) in April 2014 mortgage affordability and eligibility assessments have become a lot more complicated – long gone are the days where a simple 4.5x salary would tell you the size of mortgage you could get. It’s possible to understand at an individual lender level which lenders will lend and how much, but it is time-consuming for brokers and most consumers wouldn’t know where to look!
Mortgages are complicated financial products and choosing the right one is an important and sometimes difficult decision. We want to remove the complexity and stress of worrying about which mortgage you are actually eligible to apply for, allowing you (or your broker!) to focus on choosing the product most suitable for your needs.
HD Decisions are working with lenders to build up a market-wide view of eligibility and affordability – allowing consumers and brokers to see in one place which products they are likely to be approved for, and for how much. We’re already able to tell you your chances with the majority of the market, and we’re working hard to expand our coverage.
Our product is the only one in the UK that combines data from 2 of the 3 biggest UK credit reference agencies with real mortgage lending criteria – going far beyond basic eligibility checks and affordability screen-scraping to deliver the total pre-qualification package.
We enable eligibility through a number of partners including price comparison websites, free credit reports, online brokers, and mortgage software providers – our goal is to expand and proliferate eligibility and transparency throughout the mortgage market. If you are a broker, software provider, price comparison website, or any other online mortgage distribution channel and want to hear more, please get in touch – we’d love to help!