Ground-breaking buy-to-let mortgage app Rightrate is planning to expand its support for brokers and landlords after passing the 500-plus downloads milestone since launch this year.
It already covers more than 30,000 mortgage products and is the only service addressing a major gap in the mortgage advice process by enabling brokers and landlords to instantly find the product offering the best return on investment across 85%, 80% and 75% loan-to-value irrespective of bands.
New features are being developed in response to growing feedback to add to the current range which includes the ability to save searches across different properties and a built-in remortgage facility helping users to decide whether they can save on their current mortgage or can raise capital.
Launched in January by Mortgages & Insurers Solutions, a member of The Openwork Partnership network, it provides detailed information on property values and uses an artificial intelligence driven product sourcing system.
The free to download app, which calculates the best product rates available, and the deposit needed to achieve the best return on buy-to-let investments, delivers a compliance report showing the product delivering the best return on any given day.
Mark Edwards, Principal, Mortgages & Insurers Solutions, said: “We developed the app to address a gap in the mortgage advice process facing brokers who had no easy way to calculate the best returns on buy-to-let investments.
“The number of downloads since launch demonstrates the strong demand among brokers and landlords for the app and the regular feedback, we receive shows the value the app is delivering as well as highlighting to us what other features are needed to further enhance it.”
Rightrate uses artificial intelligence and live market data to calculate the best possible return on investment and the sign up process for the app takes less than five seconds.
Rightrate won the award for “Best Innovation in the SME Finance Sector” at the Business Moneyfacts Awards 2021 ahead of major firms including Santander, American Express and Investec Bank.
The Openwork Partnership has more than 4,300 financial advisers across the UK and operates as a directly authorised, multi-panel distribution network. Its new website includes an interactive map enabling more clients to access support from the network.