Mortgage loyalty card helps to reduce mortgage liability

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The Mortgage Miles Loyalty Card converts spending at participating retailers into mortgage repayments

Two million store loyalty scheme members in the UK are sitting on £220 million-worth of "forgotten" points, which could be put to better use.

Mortgage Miles is a new loyalty scheme that enables mortgage holders to pay off more of their mortgage debt simply by shopping with their favourite retailers, taking advantage of the highly robust mortgage market to launch a revolutionary new product.

The cash-based reward loyalty card truly revolutionises the concept of loyalty schemes, allowing members to earn cashback via a number of retailers that can be used to make additional capital payments to their mortgage provider. With the UK mortgage market booming and the number of loyalty scheme members throughout the UK high, it is an innovative new scheme that takes advantage of the success of both markets to bring real benefits to the consumer.

A July 2013 report from Business Reporter(1) highlights that the number of store card holders has increased by 3% in the last year, with 90% of adults owning at least one store card. However, the report also highlights that that the two million store loyalty scheme members in the UK are sitting on £220 million-worth of "forgotten" points, which could be put to better use.

Mortgage Miles has appeared on the scene at the perfect time: a time when investors are favouring UK property over shares. A report from The Independent in July 2013(2) highlighted that the outlook for property has improved across the country: results from the latest Lloyds TSB Private Banking Investor Confidence Index show that the property sector has the most positive results of all sectors.

Journalist Simon Read at The Independent highlights that the sentiment level has been raised to 32% thanks to improving sentiment in areas such as Wales, the West Midlands and the North West, and compares the property sector with other sectors: while the positive sentiment for property stood at just 8% in April and has now risen to 32%, sentiment for other assets have slumped. The sentiment for gold, for example, has fallen from 46% to just 12% over the same period.

In addition, the mortgage market has seen a recent boost thanks to low rates of interest and the Government-initiated Help to Buy Schemes, as a consequence of which, figures from the Council of Mortgage Lenders(3) show a 42% increase in the number first time buyers in May compared to 12 months earlier.

It is in light of both the huge value of forgotten reward points and the highly robust mortgage market that Mortgage Miles has decided to revolutionise the concept of loyalty programs. Mortgage Miles has continued the flow of good news for mortgage buyers, and aims to help Mortgage Miles Loyalty Card holders accumulate up to 1% of their spend with participating retailers into a fund which can be redeemed and utilised towards reducing their mortgage liability.

For more information about Mortgage Miles, visit http://www.mortgagemiles.co.uk.

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Naval Kumar
ABSEM Limited
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