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Idea Overview:
Paying extra off the mortgage by saving the tiny amounts squandered each day.
Who might use it/where it might be used?:
Using the principle of compound interest to encourage people to make tiny payments as additional sums against the balance of their mortgage. Ideally taken up by a bank in partnership with a major retailer
The Market:
Business to Consumers (B2C)
Sector the idea belong to:
Finance & Payments
Why you think there is a demand for your idea?:
The attached presentation shows how making tiny payments - and encouraging habits of choosing expenditure carefully and effectively recycling - can knock years off the average mortgage.
Who would be the ideal customers?:
Anyone with a mortgage who wants to be free of it earlier.
What ideas do you have to reach these customers?:
Partnership with a mortgage provider would allow this to be offered directly and at low or no cost
How far have you developed this idea:
Offered to a couple of smaller banks who showed interest but didn't take it further.
What – if any – feedback have you had for this idea so far?:
See above
What supporting material – if any - would you like to add to your proposal?:
See presentation

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