Mortgage Metrics has been created by mortgage brokers Lee Flavin and Chris Evans (pictured), with the aim of saving brokers time when rates drop.
Brokers can set up alerts for as many mortgage rates as they want, without the need to share client information. The Mortgage Metrics platform then automatically scans rate reductions across thousands of products from mainstream lenders, with an alert sent when the relevant rate drops.
Flavin said the idea first emerged at the back end of 2022, off the back of the turmoil seen following the mini Budget.
He said: “We thought, if we are doing purchases at current rates of around six per cent, but the rates on offer start to fall, then we need to have some sort of system in place where we can monitor the rate on behalf of each client. If the rate then falls, we can implement the new rate ‒ it’s the right thing to do for clients, making sure that they are completing at the best rate, but the process was quite manual, relying on spreadsheets, communicating with lenders and then clients.”
It was then with the introduction of the Mortgage Charter that Flavin said it was clear the opportunity was there to help brokers and homeowners through automating this process.
He said: “It’s invaluable to brokers at the moment, as they are seeing rates falling thick and fast. It means a world of pain for brokers who are doing the right thing, particularly if they have a manual process.
“The email drops in from the lender, then you have to confirm it with the provider, recalculate what that looks like for the client in terms of the differential to their repayments, and then implement it for them. It’s a lot of extra work for no remuneration, just wanting to do the right thing for the client.”
Flavin explained that Mortgage Metrics has been designed to do a lot of that work automatically for brokers, with the adviser not only notified if a better rate from the lender is launched but also a side-by-side comparison of what the new rate would mean to the size of the monthly repayments. All the broker then has to do is communicate the change with the client.
He said: “If the momentum has turned, and market pricing is only going to improve from this point, then these alerts could be going off left, right and centre. I’d hope that the value of Mortgage Metrics is apparent from day one, it’s a bit of a no brainer.”
Mortgage Metrics is available on an initial free 7-day trial, with brokers able to test the system with up to 25 cases.
After that there is a £15 a month level, with case numbers limited to up to 25 active cases, and a £20 a month level where there is no limit to case numbers.
