The competition features on the bank’s new ‘Intelligent Disc’ which is being distributed this week to brokers across the country.
The CD-Rom includes a new offset calculator to help sell the benefit of offset products. The software enables Advisers to generate mortgage illustrations to give clients a clear idea of how much they personally could benefit from offsetting. By entering a number of variables such as mortgage size, monthly income, savings balance, etc, Advisers will be able to show how much the loan could be reduced by and the savings in interest charged through offsetting.
The calculator also shows what equivalent mortgage rate the client would have to find to match the benefit for offsetting, if they had no savings to offset and assuming monthly payments, rates, etc remain the same for the life of the mortgage. For example, in return for receiving no interest on their savings, a client with a repayment mortgage of £95,000 over 25 years offset with £8,000 in savings for the life of the mortgage, would need to find a stand-alone mortgage charging 3.75% for the whole 25 years to match the level of interest charged on the loan through offsetting.
Ian Jeffery, Sales & Service Director at Intelligent Finance, said: “Many people believe that the headline rates that appear in the Best Buy tables are what they should be looking at when choosing a mortgage. But we know that this is not necessarily true and there are many factors Advisers take into account when making a recommendation to a client. We believe this new offset calculator will be valuable in demonstrating how offset could be far more beneficial than another product under consideration.”
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The disc also provides an internet banking simulator with a number of case studies and an interactive ‘help’ tool to enable Advisers and their clients to familiarise themselves with the benefits of online banking using fictional accounts. In addition, there are a number of useful icons giving access to information on charges, direct links to the bank’s broker website, etc.
To qualify for the competition, all brokers have to do is answer the three questions featured in the literature accompanying the ‘Intelligent Disc’. The winner will be able to enjoy a 3 night break at one of the luxury country lodges at Slaley Hall, which sleep up to 6 people, and a free round of golf during their stay.
Brokers registered with Intelligent Finance should receive a copy of the disc in the next few days. If not, please email: [email protected] with your name and address.
