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 client’s 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 is Authorised and regulated by the Financial Conduct Authority.
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?
The Affordability Passport launches the new ID feature using Onfido. It’s as simple as an ID and a selfie. The document caption verification and facial biometrics technology lets your users verify themselves anywhere, anytime.
Castlight use an Anti-Money Laundering (AML) Tool which is an identity assessment to ensure all investors are who they claim to be and are not investing on behalf of somebody else. This tool is driven by Experian. As a broker you can simply send the clients name, address and date of birth.
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 Adviser Portal
- Arrange your appointment directly with Castlight’s dedicated support team led by Scott McKeand. 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 Adviser 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
How do I register my company to use Castlight?
Please fill in the online form here.
Where can I find more information on using the Affordability Passport?
All advisers who have completed their signed documentation will be sent both a link to the knowledge base and a document outlining the adviser and customer journey.