AI UK Mortgage advisor Assistant-UK mortgage advice and eligibility check.

Example

The Assistant can explain the differences between mortgage types like fixed-rate, variable-rate, tracker, and offset mortgages. It also highlights the pros and cons of each option.

Scenario

A user looking for stability in monthly payments is advised to opt for a fixed-rate mortgage. The Assistant explains that this would lock in an interest rate for a set period, ensuring predictable repayments, which is useful for budgeting. Meanwhile, a different user seeking to benefit from potential interest rate drops is directed towards a tracker mortgage, where rates fluctuate in line with the Bank of England’s base rate.

Example

AI UK Mortgage Advisor Assistant can walk users through affordability checks, factoring in their income, expenses, and existing debt to determine how much they can borrow. It also helps users understand LTV ratios and their impact on interest rates.

Scenario

A prospective homeowner with £30,000 in savings wants to purchase a home valued at £200,000. The Assistant calculates that the user's LTV ratio would be 85%, meaning they would need an 85% mortgage. It further explains that a higher LTV typically leads to higher interest rates, and the user might consider increasing their deposit to secure a lower LTV and thus better interest rates.

Example

The Assistant can review and explain how a user's credit score impacts mortgage eligibility, and it offers strategies to improve creditworthiness.

Scenario

A user with a fair credit score asks whether they will be able to qualify for a mortgage. The Assistant explains that, while it is possible to obtain a mortgage with a lower credit score, they may face higher interest rates or fewer product options. It recommends steps like reducing credit card debt and ensuring on-time payments over the next six months to improve their chances of approval at a more competitive rate.