A tool has come to market called ‘Mortgage Watch’ which promises to help traditional brokers and lenders become more like Habito and Trussle by monitoring the remortgage market.
Mortgage Watch, which has been released by tech startup Eligible, analyses customer data and matches that with the products on the market to identify when homeowners could remortgage to save money.
The product is being sold as an add-on for firms and is monetised with a monthly subscription and conversation fee.
Rameez Zafar, co-founder of Eligible, said: “Habito and Trussle have done a wonderful job in leading the torch for this space.
“Our goal is to create a similar or better platform for the benefit of the incumbents
“The platform is built as a white label which people can use in a seamless manner without having to create that technology from scratch.”
Broker firms and consumers will be able to get alerts when it’s a good time to remortgage.
Lenders can also use the tool to track their products against their competitors for internal use or as a tool for their customers if they want.
Once Mortgage Watch gets off the ground Eligible will provide other tools for firms, such as a video chat platform.
The platform is cloud based and promises to have the robust security features of an onine banking system.
Zafar added: “Buying a mortgage is a major life decision and consumers, at some point, like talking to a human being about it.
“Our model helps digitise and shortens that process, making it faster and more efficient, and empowering the traditional advisors and lenders to stay ahead of the game.”
Eligible has been trialling Mortgage Watch for the past three months.