Homebuyers scanning property advertisements can now receive instant sample mortgage quotes on their mobiles, dispensing with the need to wait until offices reopen or they can locate a mortgage calculator.
Developed by CG Private Clients, users text 60060 and key in the full amount they need to borrow (eg MTG 150000). Seconds later, a text message pops up with an approximate monthly mortgage payment. It is based on a repayment mortgage with a 25-year term at the lowest prevailing tracker rate on that day. Text messages can be sent from any mobile network for a one-off 50p charge, plus normal network charges.
Users can then request a follow-up call to discuss their mortgage needs in more depth. With two pedal bikes on standby, CG's qualified mortgage brokers will also make house calls to prepare the required documentation for anyone living within a two-mile radius of its head officein London's Docklands. If it's more convenient, they'll even meet with customers in a local coffee shop.
Paul Welch, managing director and co-founder of CG Private Clients, says: “It's all about giving our clients the services they need, when and how they want them. And with mortgage rates changing so frequently, clients who planned on spending £250,000 a few months ago, may want to revise their positions while they are house hunting.”
Using text messages to improve client services is not new. It has been adopted by recruiters and telecommunications firms. CG claims this is the first time a mortgage broker has harnessed the power of the SMS in the UK.
Welch adds: “These quickie quotes can only be used as a guide. But they do give those wanting to check the affordability of their dream home an idea as to whether or nottheir plans are feasible. The same goes for anyone wanting to remortgage, self-build or finance an extension to their home.”