Three brokers have joined forces to develop an easy to use CD program to help brokers quickly come up with the best mortgage option for a client.
Mortgage Minder allows brokers to enter a client's details, track any changes to their client's mortgage and create a 'what if' scenario which will produce various models showing the effect any changes could make to how much the client pays.
The system has been under development for the past 15 months by Rob Gill, Alan Symons and Richard Hurrell of South-West-based Mortgage Advisory Services. All three are still active brokers.
As well as a time-saving device for brokers the system can also be used to manage client endowment shortfalls or to develop a client's buy-to-let portfolio.
MAS is also looking at incorporating equity release via updates from its website www.mortgageminder.co.uk.
Hurrell says: “With this program you can immediately demonstrate to a client how they would be better off with a different product. The information generated can be printed off and used to cover the broker's back for compliance purposes.”
The CD will cost £75, with a yearly corporate licence also available for £25.
The package will be available to consumers to help them break out of the 'apathy bubble' and remortgage from expensive SVRs.
Hurrell adds: “If only 10% of borrowers use this and realise that they need to change their mortgage, that's 10% who weren't going to remortgage before.”
John Stewart, director of PMI Independent Financial Advisers, says: “Without seeing it, whether we'd want to pay money for something that we didn't need before is questionable.”
“However, from a convenience point of view, having a single point of reference to analyse products would be useful.”