As Mortgage Solutions exclusively revealed last year, MyMortgageRewards.com is essentially a white labelled version of Accelerate My Mortgage for brokers, which was also launched by MyMortgageRewards.com founders Lee Flavin (pictured) and Chris Evans.
Brokers can add their branding to their version of the MyMortgageRewards platform. Clients can shop online with partner retailers through tracked links on the platform, and then receive a percentage of their spend back in the form of cashback. Over time the cashback rewards build up, and can then be used to make a mortgage overpayment, allowing the client to clear the loan ahead of schedule and save money on interest charges in the process.
Flavin explained that MyMortgageRewards.com has added a host of big retailers to its service this year, including Aldi, Sky, The Range, Dunelm and Audible. He noted that the firm had been keen to add retailers where clients would be regular spenders, rather than simply one offs. The new names join the likes of Ocado, Boots and Asda,
The service has now gone live to brokers, though Flavin emphasised that intermediaries can still take advantage of early bird pricing by registering their interest on the website. Flavin said that the service works out as “pence per user” with only a few clients needed to be retained per year to cover the overall cost.
Flavin said MyMortgageRewards.com was currently onboarding a swathe of brokers, as well as in discussions with networks about partnerships which would see the service offered to appointed representatives as a tool for retaining clients.
He said that it had already had positive feedback from intermediaries, and this was being used to refine the service. Flavin said that one element of the feedback that was really encouraging was the enthusiasm among brokers for rewarding their clients.
He said: “That says to me what I’ve always known, that brokers genuinely care about the wellbeing of their clients. Retain and reward is a dual thing, so it’s been nice to hear that doing good for their customers is something that brokers want to do.”
