Over two million Dutch citizens have interest-only mortgages, paying only interest until the mortgage term ends or they sell their homes. Repaying the principal may rely on the home's value; if it declines, securing a new mortgage depends on income. Many fear they can't repay, posing high risk. Vereniging Eigen Huis and Netvice collaborated with JAM-IT on an app to help members assess their risk levels and seek solutions.
Business Need: Over two million Dutch citizens have interest-only mortgages, paying only interest until the mortgage term ends or they sell their homes. Repaying the principal may rely on the home's value; if it declines, securing a new mortgage depends on income. Many fear they can't repay, posing high risk. Vereniging Eigen Huis and Netvice collaborated with JAM-IT on an app to help members assess their risk levels and seek solutions.
Solution: JAM-IT & Netvice collaborated on the Mortgage Risk Calculator for interest-only mortgages. This tool quickly assesses risk levels, displaying results on the page & offering a downloadable PDF. Developed with the client, flow diagrams were translated into Mendix for clarity. JAM-IT used WordTemplater to generate result documents and utilized the Office 365 API for PDF conversions. The calculator adheres to GDPR guidelines, collecting data anonymously without personal information from users.
Results: The Mortgage Risk Calculator by Vereniging Eigen Huis informs members about their personal risk. It's a value-added service for members seeking further guidance from the Home Owners Association. Cost-effective and time-saving, consumers can use it independently. The tool is user-friendly, ensures user anonymity, and has been used successfully 85,000 times, demonstrating its broad impact.