Internet start-up mymortgagealert.com is offering intermediaries and direct mortgage borrowers the ability to compare the details of a mortgage against the market as a whole, highlighting opportunities for remortgaging.
Intermediaries will have to register the details of a client’s mortgage on the site, at a cost of £15 per mortgage for a year’s service, or £30 for three years. A savings threshold can then be stipulated and by a daily comparison of the mortgage against others on the market the intermediary will be alerted when the stated savings can be met by a different product after the costs of remortgaging have been met.
Chris Hill, managing director of mymortgagealert.com, said: “Our service is independent, simple, low-cost and relentless and by using mymortgagealert.com advisers need never miss a remortgage opportunity again. While creating new business opportunities for advisers we will also be freeing up many hours for more profitable ends.”
The product comparison data will be supplied by Moneyfacts, and Hill said he wanted to be seen in the same light as the data provider and not as a seller of products. If needed, he said written confirmation could be given to intermediaries that their clients would not be sold to.
Nevertheless, David Hollingworth, mortgage specialist at intermediary London and Country, was doubtful if the service would be used by brokers and thought many of the larger companies would feel confident in their own capabilities to handle the data which they held effectively.
He also felt it was an outgoing expense with no guaranteed return. However, he said it looks better than many of the other remortgaging tools available and commented: “It is certainly an interesting idea, and goes a step further from diary systems.”