The bespoke Phoebus-designed mortgage servicing system will support the running of the first tailor made mortgage product to let borrowers move from a standard product to a lifetime product. The flexible Interest Choice Plan allows customers to choose the level of interest they pay, with a fixed interest rate and a lifetime drawdown facility. The deployment is a configuration of Phoebus’s existing end to end equity release solution that was initially deployed to More 2 Life in 2008.
Phoebus was chosen instead of a new vendor due to its flexible approach and its ability to provide and implement a highly innovated solution for More 2 Life. The Interest Choice Plan has the potential to transform the market by expanding the range of equity release products on offer and bringing new options to mortgaged homeowners approaching retirement. The Phoebus Equity Release solution ensures a robust, compliant service to More 2 Life high-profile area of the market.
Paul Hunt, managing director of Phoebus Software, said: “This is a ground breaking new product which will change the equity release space and deliver the kind of flexibility this group of homeowners need. The More 2 Life team is renowned in the mortgage market for being technology focused and ahead of the game with their IT. The tailor made platform we have created will be perfectly capable of dealing with the high level of demand expected."
Jon King, managing director of More 2 Life, added: “Since we first started working with Phoebus four years ago we have found their experience in UK mortgage process platforms to be first class. We wanted a bespoke software solution and Phoebus’s software is highly compatible with our business."
