Castlight Financial has created the world’s most powerful customer affordability tool. The Affordability Passport, is an online tool for advisers to more accurately assess their clients affordability at the touch of a button.
Castlight Financial are the UK’s leading open banking technology company working with lenders, networks and advisers to create a safer financial world. Castlight’s platform, the Affordability Passport, is approved by the FCA.
How does the Affordability Passport help me process mortgages?
The Affordability Passport provides you and your client with a quick and easy online tool that takes away the hassle of providing bank statements and manually assessing affordability.
How does the Affordability Passport work?
The online system works by taking client’s real-time transactional banking and credit reference data and producing a customer income and expenditure view in minutes.
Which products use the Affordability Passport?
Paradigm Mortgages has brought Foundation Home Loans and Castlight Financial together to create the world’s first mortgage product to be processed via open banking technology. A unique feature of this product is that the lender, Foundation Home Loans, will include your client’s Affordability Passport as part of their affordability assessment. Initially, this product which is available only to Paradigm member firms who are on the pilot scheme, will be the only way to access the Affordability Passport.
The Affordability Passport tool will become available to the wider intermediary market in the coming months and Paradigm members will be the first to know when this can be used.
How do I process the client’s application using the Affordability Passport?
You will follow these steps once you have joined the pilot scheme:
- Register on the Castlight Broker Portal
- Arrange your appointment directly with Castlight’s dedicated support team led by James Harrison. Contact details are in Paradigm’s welcome email.
- Sign and send relevant paperwork. The initial registration process will include an FCA check.
- Attend demo call to onboard. During the call Castlight’s support team will guide you through the onboarding process, answer questions and ensure you are comfortable using the Affordability Passport and customer journey for your clients.
Residential clients whose circumstances and requirements match the product criteria will follow these steps:
- Client decides they want to proceed with the product
- Client receives an email from you (their adviser) inviting them to the Castlight Broker Portal
- Client logs into the portal and give permission to link their bank account
- Client receives their Affordability Passport
- Client gives consent for you (their adviser) to view PDF
Once you have consent from your client you send the PDF direct to Foundation Home Loans through the portal.
How can I contact Castlight’s support team?
Please contact James on 0800 193 3547.
I need help with the adviser portal - who should I call or email?
Call 0800 193 3547 for the Support Desk which is open from 9:00am to 5:30pm or you can send a message to the Castlight team using the Help Section when you are in the Adviser Portal.
Where can I find more information on using the Affordability Passport?
All advisers who have completed their signed documentation will ben sent both a link to the knowledge base and a document outlining the adviser and customer journey.