Ian Bavey, mortgage specialist at Newport-based Seer Green Financial Planning, said: “It’s a great idea for people on the move to be able to get a general idea of whether a mortgage may be affordable.

“However, just because you see a rate does not necessarily mean it’s the right or best mortgage for you and your circumstances. The idea of using a specialist mortgage advisor is to match the right deal to an individual mortgage seeker’s circumstances – and that comes from years of knowledge, not just a sourcing system.

“Now that nine out of 10 lenders have done away with income multiples and moved towards ‘affordability calculations’ I am yet to find a sourcing system that has an accurate calculator for each lender. So the concern here is that an individual could be misled as to how much they could potentially borrow, resulting in unrealistic expectations of the type and value of property they can afford – with the knock-on effect of mortgage applications not proceeding or being declined and the time of lenders, solicitors and estate agents being unnecessarily wasted.

“On the positive side, this app could actually provide people with more choice. While in the past they may have visited their bank or building society to look for a mortgage, they now have access to a market full of mortgages.

“In my view it is still absolutely imperative that anyone looking for a mortgage should speak to an advisor as sourcing systems like this app only gives very broad ideas of what may be available. The key to finding the most suitable mortgage solution for any individual is through years of experience of dealing with the lenders themselves.”

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