The system compares the differences between a Halifax retention product and switching to a new lender across the term.
It is currently being trialled by a small number of brokers but there is no definite date for a whole of market launch as yet.
Speaking at the Mortgage Intelligence annual conference, Charles Haresnape, managing director of Bank of Scotland Mortgages, speaking on behalf of HBOS, said: “We are currently looking to build an aid to compare retention and switching to a new lender. It is important to help brokers where possible to help them get the right deal for their client and this will help make a valid comparison.”
Mike Fitzgerald, sales director at Brentchase Financial Services, believed it would be useful in providing evidence of a decision.
“We currently do the comparison on a piece of paper in looking at all the fees and adding up to see what’s the best deal. But if you can print this out, you can point to it as evidence and why it was advantageous to take that decision for the client.”
Haresnape also revealed HBOS was looking to do more to help brokers in the post-sales arena, with integration with large distributor’s point-of-sale systems one avenue it was exploring.
He said it was already in talks with one company about streamlining its links with its software so that the combined system would manage the broker’s case updates and structure when they need to do certain things, such as contact the client.
Haresnape added: “We need to do more with our post-sales proposition. You will see this over the next 12 months with greater integration with large distributors. A key theme is reducing the amount of rekeying and making life easier for brokers.”
