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.
Mark Lofthouse, CEO of Mortgage Brain, said: “Our mortgage 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.”
Providing a clear and concise picture of the true cost of a mortgage the product data makes like for like comparisons across different product types for a wide range of scenarios and is being used by a number of major lenders including Virgin Money, Clydesdale Bank and Skipton Building Society to monitor and review product performance.
Mortgage Brain’s product data analysis can be 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.
Product data analysis for a typical lender covers over 80 scenarios including 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 2, 3 and 5-year fixed or tracker mortgages as well as all mainstream buy-to-let products.
