Exasoft plc, the award winning financial software solutions company, has developed a new tool for lenders which will provide their online customers with an easy to use visual aid which demonstrates how mortgages work.
Mortgage Mate, a mortgage sales tool designed to educate the public, is an interactive web tool which provides customers with a simplistic approach on how mortgage repayments are calculated and totally accurate information on which to base a decision and give them the confidence to apply for a mortgage online.
The device is one of several online financial tools devised by the firm using the latest technology as part of its bid to deliver more interactive websites for consumers.
The launch follows the successful use of the system by the Skipton Building Society where the product has proved to be highly popular amongst customers.
Tailored to individual lenders, the package has the capability to show prospective customers a visual representation of how a mortgage works.
Easy to use, the system is totally accessible. Simple ‘slider buttons’ enables potential new customers to obtain a breakdown on the effects of actual or hypothetical variations of payments, length of terms and interest rates.
It shows how their finances would be affected if they increased or decreased their repayments, and how changes in Bank of England interest rates may affect their repayments.
At the click of a button users can enter their current monthly repayments, the interest rate and the term of a loan. Once the information is entered Mortgage Mate will show the user exactly how long they have left until they have repaid the loan.
Users then have the chance to work out how much they will re-pay in total if they increase or decrease their payments or change the term of the loan.
Alan Malik, Managing Director, Exasoft plc, said the system was an essential tool for banks and building societies across the country providing that all important ‘value added’ device which will provide them with a competitive edge.
He said: “The idea of Mortgage Mate is to give the customer a more informed choice and enable the lender to engage with their potential and current customers. They enter the information tailored to their individual requirements and Mortgage Mate does the rest.”
He added: “Mortgage Mate is such an important tool, particularly in the current climate and provides the customer with confidence to be able to apply for a mortgage online.
“Knowledge is power and a device like Mortgage Mate empowers bank and building society customers to make informed choices. They are given total transparency. As an added benefit to banks and building societies it will help reduce the number of calls to the customer service departments which in turn will reduce costs.”
Launched in Coventry in 1993 Exasoft is a multi award-winning firm which supplies specialist financial software solutions to banks, building societies and other financial institutions throughout the UK.
Its clients include HSBC, RBS, Barclays, Lloyds, and Halifax and its software handles 95 per cent of Britain’s compliance market.
In 2006 Exasoft was presented with a prestigious Queen’s Award for Enterprise: Innovation. It also featured in the Sunday Times Tech Track 100 and the Deloitte Technology Fast 500. Other awards include ISO 9001: 2000 and ISO 14001 and Investors in People.
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