Finova launches mortgage retention tool
Software company Finova has launched new portal to make it easier for customers to switch mortgages.
It comes as 1.6mn mortgage deals are expected to come to the end of their fixed-term deal this year, according to UK Finance.
Finova chief revenue officer, Chris Little, said: “The launch of our new retention portal solidifies our ongoing commitment to helping lenders better serve their customers who want to switch and do so with ease and speed.”
The firm said the portal has multiple features to ensure the customer has autonomy over their mortgage switch journey.
It expects it can be used on all digital devices. Customers can choose a convenient date to switch products and pay any outstanding fees where applicable.
Additionally, Finova said it had designed the retention portal with “regulatory requirements in mind” and aims to help lenders comply with consumer duty.
The portal encourages consumers to gather as much information on a prospective mortgage switch as possible, leading to more measured and informed decision making.
Little added: “As part of our ongoing strategic direction, we have invested in a new User Experience team, which is charged with ensuring that our customers can truly get the most from product offering.
“With several new updates in the pipeline, we will keep working alongside lenders to ensure customers who want to switch can do so with ease and speed.”
tom.dunstan@ft.com
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