‘Text for a quote’ mortgage service launches

Ramesh Sharma

February 4, 2006

Billed as the ‘ UK’s first within the mortgage marketplace’, providing clients with an instant quote on their mobiles, Clegg Glifford is also launching a webcam mortgage that allows users to arrange an interview with a qualified adviser over the internet.

To access the text service users can text a specific Clegg Glifford number with the amount they wish to borrow. The firm said an instant reply based on a 25-year term on the lowest prevailing tracker rate on that day is then given to the user, who has the option of calling back for a full quote.

Announcing the online and phone-based initiatives Paul Welch, managing director of Clegg Glifford, commented: “The rationale behind the launch is mainly based on logic, consumer preference and an awareness that many individuals who seek mortgages will be at work during the day and perhaps surfing online in the evenings.”

“Time is more of a precious commodity today than ever and turnaround time even more so. Customers want more than just sales patter and a branded package; service and delivery is all, particularly as both the on- and offline mortgage marketplace become ever more crowded,” he added.

However, Mike Pendergast, IFA at Zen Financial, could not see the consumer benefit. He said: “Although it is always interesting to get new ideas into the market, I don’t think text for a quote will be of much use to clients because it is providing general information. It may be good for initial off-the-cuff advice but it isn’t tailored and I can’t see clients particularly taking to the idea.”

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