New online tool educates first time buyers on mortgages

• First-time buyers looking for a mortgage can use the tool to gain an accurate assessment of their mortgage eligibility
• The tool was created to address consumer concern over confusing mortgage application process
• Burrow has partnered with Saffron Building Society to launch the tool

Research has revealed that consumers see navigating the mortgage application process as the biggest challenge when buying a house, presenting even more of a hurdle than raising a deposit . 

Saffron Building Society has announced its partnership with mortgage technology service Burrow, to launch the new and innovative online platform that first-time buyers can use to gain an accurate assessment of their mortgage eligibility-without affecting their credit score. 

Burrow was created to address first-time buyers’ concerns and confusion over the application process, by equipping them with the necessary information to make informed decisions about the most appropriate mortgage products for their requirements - before they even begin an application process. 

Unlike other online calculator models, which give indicative results based on applicants’ incomes, Burrow’s in-depth evaluation process results in a far more thorough, accurate assessment of their overall eligibility. The tool also lists the different types of Saffron mortgage products first -time buyers are eligible for.  

Laura Bright, Product Manager at Saffron, comments: “We know that many first-time buyers find it difficult to understand the various mortgage options available to them, are unsure of how much they can borrow, whether they qualify and whether they are getting the best rate/product for their particular circumstances.  

“By giving them access to more information before any initial appointments with a lender, Burrow not only saves first-time buyers valuable time, it also allows them to feel more clued-up about their current eligibility and mortgage options.” 

The tool’s user-friendly, digital application is designed to streamline the mortgage application process, rendering it more convenient for applicants.

Laura continues: “Technology has considerably shaped our behaviour as consumers over the past few years. We’re living in a world where immediate access to information is the norm and we expect fast service and instant decisions at our fingertips- at all times.

“The mortgage application process often requires a range of in -person and over the phone communication, making the process quite long winded and daunting. We wanted to address this, streamlining the process for our time poor customers through digitalisation, whilst still retaining the use of our human expertise.”

Saffron Building Society offers a variety of mortgage products to meet a range of individual needs, as well as assisting with remortgages and further advances. It also offers a range of savings products including cash ISAs, notice accounts, immediate access and children's savings.