Twenty7tec has updated its Communicate platform to notify brokers when lenders announce rate cuts.  

The firm says its Rate Watch service will alert advisers, administrators or clients when a lender announces a rate reduction, allowing advisers to notify clients of a reduced rate with the same lender before completion.    

It adds that the real-time feature can be customised by using different filters, such as a lender, business type, product or loan size so that firms can create custom journeys for different lenders.   

The service also has a product match engine that will identify and match any mortgage policies in the system with a lender product code before triggering notifications, if a reduced rate is available.    

Advisers will also be able to see a confidence score system for any policies without a product match. Brokers can set up email or WhatsApp notifications for a specific product, so that they have immediate access to updates.    

The update launches on 9 February and will be available to existing Communicate users.   

Twenty7tec chief executive James Tucker says: “We’re very excited about this update, not only because it will help advisers meet their new requirements from the Financial Conduct Authority under Consumer Duty, but also because it will improve the level of service advisers can give to customers when using it.   

“These real-time updates mean that even on the days up to completion, customers can get the best possible deal from their adviser, and the adviser will have this information quickly and easily at their fingertips.”