Chris Hill, Managing Director, mymortgagealert.com said: “We are encouraging brokers to use the free subscriptions to enter just two mortgages; it doesn’t matter whether it is their own mortgage and a favourite client’s. We are convinced that by trying the service brokers will understand the power of mymortgagealert.com and get addicted to just how much money it can make them. The cost of our Service when compared with an average proc. fee is minimal, but we realise that, as the new kids on the block, brokers may need encouragement to try us.”
mymortgagealert.com is the only service for brokers that stores client mortgage details and compares them to the market every day – effectively a daily client file review. It is also the only service that identifies mortgages by the client’s level of meaningful saving, delivering more than a search engine and more proactive than a diary system. It calculates savings net of all predictable charges, fees and potential redemption penalties and uses the same outstanding term as a clients’ existing loan to find the saving - creating opportunities for re-contacting old clients or providing higher, automated service levels for new ones.
The four-step mymortgagealert.com process is as follows.
Step 1) Brokers register existing or new client’s mortgage loan details at mymortgagealert.com –the first two registered are free of charge
Step 2) They agree with the client and enter what mymortgagealert.com refer to as their meaningful savings threshold i.e. the saving that would make remortgaging worthwhile for them. For example, £2,000 over two years
Step 3) On a daily basis - with a raft of new mortgages and changes to current mortgages happening in the market each and every day - mymortgagealert.com then compares the client’s mortgage with more than 7,000 mortgages on the Moneyfacts database, until it finds one that will save them their identified sum.
Step 4) At that point the broker will receive an e-mail notifying them of the product details and they can contact their client.
Normal subscription rates for Advisers are £15 per mortgage for a year’s continuous monitoring or £30 per mortgage for 3 years online vigilance.
