The Halifax CreditExpert service is being delivered through Halifax's First Time Buyer Pledge, the promise to support those looking to get on the property ladder.
Halifax currently approves eight out of ten mortgage applications from first-time buyers. As part of the pledge, Halifax commits to help unsuccessful applicants understand what has stopped them from being approved and what they can do to turn things around.
At the moment, where applicants are unsuccessful in obtaining a mortgage due to their credit score, restrictions mean that lenders cannot disclose the exact reasons why - such as missed credit card payments or unpaid mobile phone bills. Whilst Halifax recommends that borrowers obtain a copy of their credit report for more information, for some people the process can be daunting, particularly without access to dedicated support and advice on understanding and improving credit ratings.
Through the launch of the new service, applicants who don't get approved for a mortgage because of their credit score will have access to a bespoke CreditExpert membership. They will have unlimited access to a team of fifteen credit experts.
Stephen Noakes, commercial director, Halifax said: "Although eight out of ten borrowers are successful in getting a mortgage, we don't want the unsuccessful few to feel like they've hit a brick wall if they're turned down. However, lenders are limited in what we can say about someone's credit profile, and we know that hasn't been particularly helpful. By developing this new service with CreditExpert, it means that we can really help first time buyers understand what they need to do in order to come back to us and be successful in their application."