North partners with uno to launch innovation in home loans
Utilising the North D.I.D.I.T Design Sprint Methodology, the team set about creating a service to address the naturally cyclical behaviour of buying and remortgaging your home. Traditionally mortgage brokers have found it hard to have frequent engagement with their customers due to how little customers generally think about buying or remortgaging their home. During the 5 day design sprint the collaborative working group of North and uno were able to create a new service and offering called ‘LoanScore’.
What is LoanScore?
LoanScore is a simple way of seeing if the home loan you have at the moment is a good deal or not. We want you to know whether you are getting a good deal based on your circumstances such as the value of your property, the preferences you have for your loan and other home loans currently available.
Using the information you give us, we calculate a score based on how the loan you have compares with loans from 30 lenders. We then give you a score out of 100 to indicate how good your current loan is. The higher the score, the better the deal.
loanScore does not necessarily tell you whether you would be approved for loans with a higher score. Calculating a loanScore does not assess your credit record for example. Each lender has its own lending criteria, so it is possible that loans with a higher score would not be available to you if, for example, you have a poor credit history.
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