Mortgage switching tool Dashly has partnered with Castlight Financial, part of Experian.
Via open banking technology, Castlight’s Affordability Passport means Dashly users can choose to share their current account transactional data in real time with both their advisers and lenders.
Martin Leonard, chief operating officer, Castlight Financial, said: “We are thrilled that our technology is helping to power Dashly.
“Dashly has set out to change the way mortgages are not only taken out and advised on but also created, which has the potential to be a radical shift within the industry.
“At the centre of our proposition is financial security for lenders and borrowers and it’s a philosophy that drives Dashly, too.”
Through its blend of transactional bank data and credit bureau information, the Affordability Passport gives advisers an income and expenditure report.
This provides them with a realistic idea of what their clients can afford, and also automates what until now has been a time-intensive manual process, giving them more time to focus on advice.
For lenders, the Affordability Passport combines accurate transactional information, together with the full CAIS and credit score, on which they can base lending decisions.
Ross Boyd, founder of Dashly, added: “Castlight’s Affordability Passport is reinventing the way lenders assess and understand credit risk.
“The integration of this real-world affordability tool into Dashly’s ecosystem is taking us a step closer to pre-approved remortgages, where the application process, with all its numerous inputs, isn’t streamlined or made more consumer-friendly in the manner of a robo-broker but rendered totally obsolete.
“Essentially, people will no longer need to apply for a remortgage as their application will already have taken place.
“Open banking and always-on comparison technologies share the same goal within the mortgage world, namely to save borrowers money, time and effort, empower brokers to champion advice and help lenders to de-risk through data-powered insights.
“The synergies between Dashly and Castlight were too strong to ignore.”
