The analysis, a breakdown of all main product types in the UK mortgage market (direct and broker) can be used by lenders to ascertain the position and competitiveness of their products within the market.
Providing a clear and concise picture of the true cost of a mortgage the new product data makes like for like comparisons across different product types and is already being used by a number of major lenders to monitor product positioning and competitiveness.
Mark Lofthouse, chief executive officer of Mortgage Brain, said: “Our new product data can be configured to show UK mortgage products by lowest rate and cost over a specified period by product types for specific scenarios.
“By reviewing and analysing this data lenders can see where their products sit in terms of competitiveness in the market over time, and can therefore make much better and more informed decisions about new and existing products.”
Mortgage Brain’s new product data can be fully customised to suit individual lender’s requirements with results based on initial rate alone or the amount to be paid over a number of years.
Typical product information includes maximum LTV, interest rate, product fees, rate control period, total to pay, cost per £1,000 and cashback details, which can be applied to all main product types including two, three and five year fixed or tracker mortgages as well as all mainstream buy-to-let products.
