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Vereniging Eigen Huis is an independent association that stands up for the interests of (future) homeowners. They deal with the buying and selling of homes, and with sustainable, affordable housing.
They support more than 760,000 members as advocate, service provider and housing market expert in one.
In collaboration with Netvice, JAM-IT developed the Mortgage Risk Scan. Homeowners with an interest-only mortgage can use the tool to find out how much risk they are running. The results are shown directly on the page. Users can then download the conclusion as a PDF file, which explains how the risk has arisen.
The Mortgage Risk Scan is GDPR-proof, because it does not ask consumers for personal information. All data is therefore collected anonymously.
The Mortgage Risk Scan was developed in close collaboration with Vereniging Eigen Huis and Netvice. They had drawn up flow diagrams in which every variable was combined with the next step.
JAM-IT translated that into Mendix to turn it into a tool. The visual nature of Mendix meant JAM-IT could show Vereniging Eigen Huis and Netvice clearly how the tool worked.
JAM-IT then used their own WordTemplater to generate the conclusion reports, and used the Office 365 API to convert them automatically into PDF files for download.
The Mortgage Risk Scan makes it possible for Vereniging Eigen Huis to inform its members about their personal financial situation. It is an extra service alongside their membership. Consumers who discover they are at high risk can request further guidance from Vereniging Eigen Huis. The solution is efficient and cost-effective, because consumers can use it themselves without needing any further help. The tool is easy to use and protects users' anonymity, which means its reach is considerable. It has already been used successfully more than 156,500 times.
Vereniging Eigen Huis stands up for the interests of homeowners. Recent research of theirs showed that many people believe they will not be able to repay their interest-only mortgage, leaving them in trouble. Advice partner Netvice recognised this risk and offered to develop an application for Vereniging Eigen Huis that gives people insight into their financial situation. Netvice asked JAM-IT to build that application, and so the Mortgage Risk Scan came about.
More than two million Dutch people have an interest-only mortgage. This is a type of mortgage where the borrower only has to pay interest during the term of the mortgage. If the consumer makes no voluntary repayments, the debt stays just as high right up to the end of the term.
At the end of the term, or when the house is sold, the remaining debt has to be repaid in one go, for example out of the equity in the house. If that is not possible (because the house has fallen in value, for instance), the bank will propose taking out a new mortgage. That is only possible if income is high enough. A large residual debt at the end of the term therefore carries considerable risk.
Research by Vereniging Eigen Huis has shown that more than a third of homeowners with an interest-only mortgage think they will not be able to repay their debt at the end of the term. That is a worrying number of people at high risk.
Vereniging Eigen Huis works with Netvice to come up with solutions for issues like these. In this case Netvice introduced the idea of an application as a way to inform members about their personal risk level. They asked JAM-IT to develop a tool with which consumers could calculate their own risk level.
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