The mortgage arm of a regional property portal has launched pre-approval software which it claims will significantly speed up the initial stages of the mortgage application process.

PropertyPal Mortgages says the software works “in a way never done before” and within minutes can complete an ID Check, credit check, affordability and eligibility checks across multiple lenders.

“With the added benefit of only leaving a soft footprint on the credit check, the outcome is essentially a multi-lender indication of acceptance” says the company, which works with the eKeeper PropTech firm to develop the product.

PropertyPal is a Northern Ireland-focussed property portal.

“We wanted to build software that would allow users to accurately establish how much they could borrow and at what Loan to Value band they will likely be accepted for a mortgage. Now we can essentially obtain a very accurate indication of pre-approval across multiple lenders within minutes” says the portal’s mortgage managing director, Owen Peden.

“This information is invaluable to help the user establish a suitable price range and indicate the deposit required to meet the lender’s scorecard requirements. This also means that, with the user’s consent, when submitting a property enquiry, we can indicate to the selling agent that the user has been pre-approved for a mortgage relative to the price of the property they are enquiring about” he adds.