Mortgage Solutions exclusively revealed the launch of the rate alert service back in August, which has been designed to assist brokers secure the best deal for their clients, with alerts automatically sent to intermediaries when relevant rates drop.
Advisers are not only informed of the rate change, but also provided with a side-by-side comparison of what the new rate will mean for the specific client’s repayments, which the broker can then use in their own communication.
Mortgage Metrics noted that in the last week alone there has been a raft of product improvements from lenders including BM Solutions, Coventry Building Society, Halifax, HSBC, Metro Bank, Nationwide Building Society, Natwest, TSB Bank and Virgin Money.
It argued that the frequency of these changes are creating a big administration task for advisers, who have to keep on top of the rate cuts and what they would mean for clients.
David Baker, managing director of broker LIFT-Mortgages, pointed out that in the current “fluid” market, rates can change a couple of times a week with some lenders.
He noted that this had become a “labour intensive process”, but praised Mortgage Metrics for reducing the work involved.
He continued: “I have and will continue to recommend it to brokers as it is a great tool. Clients tell us they love the results and it sets us apart from a lot of brokers that don’t monitor the client rates.”
Chris Evans, co-founder of Mortgage Metrics, said: “It’s hugely rewarding to know our software is already providing a valuable time-saving solution to the problem we set out to solve for intermediaries.”
