Mortgage Finder, which is currently available for any remortgages, is expected to be offered for new mortgage applications in the coming months
Lloyds Bank has developed a new online tool called Mortgage Finder that enables its customers to quickly and easily track down a new remortgage deal.
The British retail and commercial bank said the mortgage tracking tool is designed to bring a marked change in online research for a new mortgage.
Lloyds’ mortgage tracking tool has been made available online and via mobile app.
How Mortgage Finder works
The online tool works by asking people for information about their existing mortgage, term and property value. After these, the Mortgage Finder asks the users to answer questions on how much they want to borrow, and payment preferences.
The online tool shows the best ‘matches’ based on the individual’s requirements. The tool will show how the key details about that mortgage align with their own choices and priorities.
Users can then select what to do next, if they want to immediately apply for an agreement in principle (AIP) or opt for a mortgage adviser to discuss their options. The users can ask questions or arrange a face to face appointment over video or in a branch.
Lloyds Bank mortgage transformation director Martin Fleming said: “There’s a lot to consider when looking for the right mortgage – how much you can afford, how long you want to fix for and the term over which you want to borrow are just a few of the things to consider.
“We’re always working on new ways to make things easier for our customers, and mortgage finder has been designed completely around helping to find a mortgage that matches what’s most important to them, in a clear and convenient way. It also helps our mortgage advisers understand what’s important to our customers before they meet.”
Currently offered only for those looking to remortgage, the Mortgage Finder is expected to be available for new mortgage applications in the coming months, added Fleming.