Providing the only automated mortgage review service, capable of sourcing new loans using a clients’ pre-agreed Meaningful Savings Threshold MyMortgageAlert.com will automate advisers’ search processes and unlock massive mortgage business potential.
Meaningful Savings Threshold
The unique Meaningful Savings Threshold is the level of savings that would make re-mortgaging worthwhile for each individual client - say £1,000 over twelve months. MyMortgageAlert.com uses its own unique software to incorporate all of the costs of re-mortgaging (redemption penalties, booking fees etc.) and uses exclusive access to the Moneyfacts mortgage database of over 7,000 new and existing products, to source loans that match the clients’ criteria.
Signing up is simple
The process for using MyMortgageAlert,com is simple. Each time an adviser arranges a mortgage they register the details of the client’s mortgage on its website and set the Meaningful Savings Threshold. The adviser then has nothing to do until a mortgage is found that triggers the client’s savings level, at which point MyMortgageAlert.com e-mails the adviser. It is for the adviser to decide whether it is appropriate to contact the client.
Chris Hill, Managing Director, MyMortgageAlert.com said: “Our service is independent, simple, low-cost and relentless and by using MyMortgageAlert.com advisers need never miss a re-mortgage opportunity again. Whilst creating new business opportunities for advisers we will also be freeing up many hours for more profitable ends.”
Costs
The subscription for Advisers to have their clients mortgages checked against the market every day is £15 per mortgage for a year’s service or £30 per mortgage for 3 years service. Advisers may pay by credit/debit card on-line or by account for the annual service. The 3-yearly subscription is by account only.
Researching the need
Before finalising the offering MyMortgageAlert.com conducted extensive research2 into consumers’ understanding of their mortgages and made some alarming discoveries:
Up to six million homeowners across the UK could not recall the rate of interest they are paying on their debt, and incredibly, 57% have failed to check whether they could save money on their mortgage during the last twelve months. More alarmingly over one in four borrowers (27%) have never checked!
MyMortgageAlert.com also discovered that 49% of borrowers in a special offer, such as a fixed rate mortgage, do not know when their offer will end or therefore when their payments will change.
And these are not the only borrowers that could be helped by the new MyMortgageAlert.com service. When asked why they had not checked on possible savings 25% of borrowers stated that they ‘can’t be bothered’ and despite the comparative ease of remortgaging today, a further 30% of respondents said it was because the process was too complicated, time consuming or because of a lack of information from lenders.
Chris Hill, said: “It is clear that many consumers know very little about their biggest financial commitment, which is horrifying considering the amount of money they could save in today’s competitive mortgage market. We have developed a tool that makes it easier for advisers to help their clients save money. Once we have the client’s loan details and Meaningful Savings Threshold it’s only a matter of time.”
Advisers interested in using MyMortgageAlert.com to transform their re-mortgage business and enhance their client service levels should visit www.mymortagegalert.com to register or e-mail: [email protected]
