The online tool uses a sliding mechanism to help customers understand their mortgages.
Mortgage-Mate™, an on-screen visual, will allow the mortgage shopper to slide toggles to produce instantaneous figures on amount, term, interest cost and possible savings. It's ease of use and realtime responses encourage the user to 'play' around with it, producing surprising results without having to think about input or repeatedly typing in tiresome figures.
Skipton Building Society is the first UK lender to feature Mortgage-Mate™ on its website.
A Skipton spokesperson said: “Mortgage-Mate™ enables our online customers to quickly and easily see the affects of altering their mortgage payments, in a fun and visual way which is easy to understand.”
Its inventor, Richard Proctor, believes that his mortgage 'toy' will not only benefit the user, by choosing the best solution for themselves, but also increase conversion rates for mortgage vendors.
When people use Mortgage-Mate™ they get instant results to complex questions. They then discover it's not only easy to use, but, generates instant alternatives. Research has found that consumers are far more likely to buy from the source of trustworthy and friendly information than go elsewhere.
With it’s flexibility, Mortgage-Mate™ could feature on the internet, in building society branches, on an adviser's laptop or even as a free-standing program to be loaded on to home computers.
