MyMortgageRewards.com is the brainchild of brokers Lee Flavin and Chris Evans, who last year set up Accelerate My Mortgage. MyMortgageRewards.com works as an effectively white-labeled version, with brokers able to add their own branding to the platform and present their clients with the ability to earn cashback.
Borrowers can follow tracked links from the platform when shopping online. They are then paid cashback based on the money they spent with the partner retailer. Retailers already on board include the likes of Ocado, Boots, B&Q and Asda.
The cashback rewards build up over time, and are then redeemed as an overpayment, allowing the borrower to clear their mortgage balance earlier and save money on interest charges in the process.
Flavin said that the service had been designed to be a highly cost-effective way for brokers to offer their clients an additional service, boosting their chances of retaining their custom, with only a few extra clients necessary to be retained per year for the service to pay for itself.
Brokers can register interest now to get priority access and a guaranteed launch discount when it goes live in early 2022.
The team said that MyMortgageRewards.com had been established following a significant increase in client retention and highly positive feedback from borrowers, which convinced them of the opportunity to scale the platform up and roll it out to the broker market at large.
Flavin explained: “As mortgage brokers ourselves, we know the challenges our peers face on a daily basis. Our aim is to help other brokers reward and retain their clients as easily and effectively as possible.”
