The software package called Mortgage Minder provides a matrix which allows the user to instantly calculate different options on current and prospective deals.
The technology has been imported from the United States and the broker version of the software has additional reporting facilities to aid compliance needs. It has undergone 15 months of development to customise it for the UK market.
The system is being marketed to the general public via the national press as well as consumer publications. MAS believe that if the system gains widespread popularity amongst the public, all brokers will have to install it.
“If a client can do a calculation quicker than their broker can then they are not going to be very impressed with them,” claimed Rob Gill, managing director of Mortgage Advisory Services.
He said: “The system will allow anyone to instantly calculate whether they should for instance take a hit on the current redemption penalties for their current mortgage to ensure they move to a better product. It also allows me to keep track of clients’ complex buy-to-let portfolios ensuring they are on the most economical deals.”
He went on to say that discussions were underway to provide the tool across several large networks.
Commenting on the product Kevin Morris from Oxford-based NHFA said: “It is a useful for producing calculations for endowment shortfalls especially when advising on whether to accept compensation payments.”
