The idea of My mortgage advisor The app came to Randall four years ago, sparked by his friend telling him about the growing use of cell phones for important tasks.

Randall said: “We wanted to get a head start and do something that wasn’t just web-based. »

Having 27 years of experience as a broker himself, Randall said he wanted the app to “solve” common broker problems and remove the heavy lifting.

He also wanted the app to help brokers communicate better with clients.

He then obtained funding to create My Mortgage Adviser from one of his clients, a Premier League footballer.

My Mortgage Adviser allows mortgage brokers to import their customer database and evaluate user activity to predict when someone might be ready to purchase or refinance.

Randall said: “If NatWest or Santander launch a new product right now, as a broker I have to go through my customer base and remember that person who might want that mortgage.

“We are no longer the only ones doing this. When we first offered this feature, we were unique in that we could essentially process a full order book every week to see if there was a cheaper mortgage opportunity, taking into account redemption fees anticipated and other things like that.

Taking care of consumers across the real estate market

Randall previously owned a real estate agency and a letting agency as well, and the My Mortgage Adviser app is open to these sectors.

Letting agents can upload their portfolios to the app and connect them to their mortgage broker, while real estate agents can list properties for sale.

When a customer approaches a real estate agent with the intention of purchasing a property, the app directs them to an “area-level affordability calculator” which shows them their possible mortgage options.

Randall said it could be helpful for people who aren’t quite ready to receive mortgage advice, but would bring them into a “controlled environment” where they would know what to do next.

“The nice thing is they’re just a click away from a broker,” he added.

Property Circle national accounts manager Sarah Hartwell said this would be a good thing in cases where a broker could lose a client because their offer on a property was not accepted.

She said it could also attract clients who may not be loyal to a particular consulting firm and would simply go to the first company that comes up in a web search.

“They can still be in your environment while they look at new properties and troubleshoot issues,” Hartwell added.

Randall said this solves the problem of real estate agents avoiding talking to clients about mortgage advice, fearing they won’t be ready for that step.

Randall said: “Having worked in maybe 20 different estate agents over my career, you either find someone who really knows mortgages and gets it and therefore asks the right questions of every person that comes through the door. door.

“Or it’s just a real challenge and mortgages are never mentioned, even though they are a basic need for the majority of buyers.”

He said that where a small brokerage might have a limited customer base, connecting them with a real estate agent through the app could open them up to more potential clients.

Furthermore, aA real estate agent can produce a customer QR code for the My Mortgage Adviser app, which asks customers for their email address. This then helps recognize whether they are existing customers of a mortgage advice company that uses Property Circle’s My Mortgage Adviser platform.

Listening to mortgage clients

A consumer using the My Mortgage Adviser app can enter their mortgage details and if they identify that there may be a cheaper option available or their initial term is about to expire, this will trigger options to free up equity or find a new offer.

Users can also request a real estate appraisal and view properties for sale.

My Mortgage Adviser is customizable and features allowing customers to connect with a solicitor, find contents insurance, carry out surveys and receive survey quotes can be integrated.

“Instead of pushing customers into a broker’s app, we put them in a marketplace where the customer can buy more products,” he said.

He added that this could be useful in cases where a broker is not as good at selling ancillary products, which could make the advice process easier.

Additionally, brokers will be notified if a customer has recently logged back into the app after a long period of time, which could indicate they are close to being ready to buy.

The broker can then decide whether to contact the client for advice.

Alternatively, once a user has viewed the app’s affordability feature and feels it is time to get mortgage advice, they can ask a broker to call them back.

“We want to attract people who are maybe starting to buy a home, but are giving up because they can’t find the right property,” Randall said.

An app for all mortgage advisors

Randall said My Mortgage Adviser was created as an app aimed at large and small mortgage brokers because it offered low-cost options.

“We have created a product (that) starts at £50 a month. If you get one mortgage a year, it will pay for itself,” Randall said.

Businesses can white label the My Mortgage Adviser app to fit their branding, and Randall said this process has allowed Property Circle to reduce costs and produce multiple versions of the app for different businesses.

Property Circle can create a custom version of the app in “about three or four minutes,” or brokers can also personalize the platform itself.

My Mortgage Adviser can be linked to customer relationship management (CRM) platforms used by mortgage networks and companies in case they do not wish to switch systems.

He added: “We’re basically trying to revive old leads that may have been addressed. Or maybe a broker has clients in the client bank who did a product transfer directly, so they’ve lost that client now.

“We try to re-engage them with the customers in their database.”