Start-up launches ‘first and only’ mortgage adviser index

Start-up launches ‘first and only’ mortgage adviser index

Property marketplace Homesplace has launched a mortgage adviser index tool (Mait), which tracks over 70,000 monthly transactions using data from Land Registry and the Council of Mortgage Lenders.

The proprietary algorithm looks at over 15 data points including value, volume, adviser locality and mortgage type, before presenting the buyer with advisers who best match their circumstances.

The start-up claims Mait is the first and only such tool in the UK and will greatly assist the matching of transactions to the advisers who completed them.

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Once a broker activates their profile and starts connecting to their transactions, they have the option to be added to the firm’s mortgage adviser recommendation and introducer engine (Marie), which powers the buyer pre-approval process.

Homesplace founder and chief executive Phin Mpofu, said: “We’ve created a unique and quite possibly the perfect opportunity for mortgage advisers to connect with new clients early in the buying process.”

It is free for advisers to activate their profile and claim their transactions. Should they wish to be added to the recommendation and introducer engine, Homesplace has created two flexible payment plans. A pre-pay as you go option where a minimum of five leads can be bought for £100 and a monthly subscription option of £29 for unlimited leads.

Mortgage advisers can also earn up to 20 per cent in commission for introducing buyers and property owners to the marketplace, an incentive which traditional estate agents do not offer mortgage advisers, according to Mr Mpofu.

“The commission structure is usually the other way round. This is ludicrous because mortgage advisers are at the heart of many property transactions,” he added.

Homesplace claims to have already indexed 4,811 advisers so far and are awaiting for them to activate their profiles.