A mortgage search and comparison tool has been launched for the iPhone.
The software, Mortgage Finder, has been developed by Robert Kelly, the software developer behind Orbiter, the free sourcing system. He is charging £1.79 for the software, available on the iTunes App store or directly from the iPhone. The ‘app’ can be used by brokers and consumers alike.
Kelly says Mortgage Finder trawls through all the mortgage offerings of every mortgage lender in the UK in seconds, producing a list of specific mortgage products matching the criteria entered.
The results are independent and no advice is offered. Borrowers need to prove sufficient income and satisfy the appropriate status requirements to qualify. However, Mortgage Finder can optionally introduce the user to an adviser in his area with absolutely no obligation.
Kelly claims there are currently over a hundred lenders with thousands of different mortgage products on offer. Lenders often change their products and so the database itself is updated four times a day by a team of independent specialists to keep it current.
While Mortgage Finder only selects suitable mortgages that match the user’s personally entered requirements, the results can be ordered and filtered in different ways, such as initial monthly payment or APR.
Importantly it can sort by ‘overall cost’. This adds the total payable over the selected mortgage life (for example, five years out of a 25 year term) including costs, redemption charges and fees, assuming no change in the displayed interest rates.
Kelly said: “It is amazing to think that this little phone can now do something incredibly complex as match your mortgage requirements with every available product on the mortgage market.”””
