Egg: Calculating made easy

Ease of operation is the strength of an online research tool.

The Site

UK internet bank Egg provides current and potential customers with a Flash-powered mortgage payments calculator that includes a broad range of considerations. As well as fields for standard product choices such as mortgage type and term, the calculator allows users to enter the rate of interest they are currently paying in preference to the default Egg standard rate or see the effect on monthly payments and long-term borrowing of actions such as over-payments or payment breaks. Each option is supported by a brief but clear explanation.

Initial and revised costs and borrowing term are illustrated in a simple chart, while a table shows the original and revised estimates and highlights the difference. A prominent Apply Now button points the way to the next step.

The Takeaway

The strength of this tool is its ease of operation. It fits on one page and allows borrowers to play with ‘scenarios’ – by overpaying or extending the mortgage term for example – and to see clearly the effect on their finances. The graph may be of limited practical value, but highlights savings effectively in addition to being decorative.

Flash is used unobtrusively – with no animation – but effectively. Often accused of introducing unnecessary complication, here it brings welcome simplicity.

First published on 25 May, 2006