Mortgage Metrics, a new system which alerts brokers when mortgage rates they have secured for their clients reduce, has launched to market today.
By tracking falling mortgage rates between application and completion, Mortgage Metrics says it is "able to solve a problem which didn't exist for brokers during the era of ultra-low interest rates" as most mainstream lenders now allow brokers to amend these before completion in line with the Government-led Mortgage Charter.
Brokers can track rates for as many clients as they like, with a rate alert taking less than 30 seconds to set up. Once an alert is live, the system will track the rate all the way through to completion.
The system will track thousands of product transfer, purchase and remortgage rates across residential and buy-to-let products.
A notification is triggered the same day a previously secured rate reduces, and brokers will be alerted by email.
Brokers do not have to input any client information such as contact details or mortgage account numbers.
Lenders already in the system include Accord Mortgages, Bank of Ireland, Barclays, BM Solutions, Clydesdale Bank, Coventry BS, Digital Mortgages, Halifax, HSBC, Metro Bank, Nationwide BS, NatWest, Platform, Principality BS, Santander, Scottish Widows, Skipton BS, The Mortgage Works, TSB Bank and Virgin Money.
Mortgage Metrics says it is looking to integrate rates from all other lenders (on a whole of market basis) very soon.
