Twenty7Tec has said it will provide its INSIGHT analytics platform free of charge to any mortgage lender entering the 90% LTV plus market who is not already a subscriber.
The platform will also support lenders entering 90% LTV plus lending with bespoke training and system analytics to help them better understand the state of play in the high LTV market.
Phil Bailey (pictured), sales director at Twenty7Tec, said: “We firmly believe the UK’s economic recovery will be aided and supported by a fully functioning housing market.
“That’s why, as of today, in an unprecedented move, we will provide our real-time INSIGHT data analytics platform free to any lender while they have 90% LTV products live in the intermediary market.
“In practice, that means any lender with a product of 90% LTV plus will now be able to closely monitor the meeting of supply and demand in the mortgage market.
“INSIGHT will provide the lender with real-time data on how their products are performing with intermediaries, as well as help with tranche management, estimated pipeline volumes, ESIS production, market trends and search trends in the high LTV market.
“This is our way of trying to give something back after the success we have had as a business.
“It is also a way of supporting this essential part of the market which is the gateway to first-time buyers playing their role in unlocking the first step on the housing ladder.
“Lenders want to lend, and in general, are well-funded.
“However, with their slow and cautious return to market we are seeing little sign of returning to normality.
“Currently, demand from first-time buyers outstrips supply as we have shown time and time again in our monthly market reports.
“We want everyone to have access to that data – live – so that they can make appropriate decisions every day about their portfolios of products and play their role in a mortgage and housing-led recovery.
“We’re entering what are traditionally the busiest weeks of the year for the mortgage and housing market, and this offer will help everyone to navigate that period judiciously.
“We want lenders to feel confident in the high LTV market once again and want to provide them with the tools to help them better manage their risk and help mitigate some of the operational challenges at this time.”
This offer is only available for new INSIGHT customers and available whilst lenders have at least one live product at 90% LTV plus on Twenty7Tec’s SOURCE platform.
The free period will run until the end of 2020.