Online broker Trussle is offering a mortgage monitoring service to all UK homeowners.
The free service continually monitors over 11,000 of the latest mortgage deals from more than 90 lenders across the market. The service compares these deals with the borrower’s current deal each day, taking into account fees, incentives, and any applicable Early Repayment Charge (ERC). If it calculates that savings could be made by switching to a new deal, Trussle will automatically alert the borrower and guide them through an online remortgage process.
It has been designed to prevent mortgage borrowers from unintentionally slipping onto their lender’s Standard Variable Rate (SVR) – a default product which typically has a much higher interest rate – when they reach the end of their mortgage deal’s initial period.
Trussle has already introduced the automated service to existing customers and in December 2017 helped its very first customer Dexter Lowe switch from his original two-year fixed deal. He saved over £5,000 per year by not lapsing onto his lender’s Standard Variable Rate, Trussle claimed.
Ishaan Malhi, CEO and founder of online mortgage broker Trussle, said: “We know that at least two million mortgage borrowers in the UK are failing to switch at the right time. This is either because they don’t realise the benefits of remortgaging, forget when their current deal is due to end, or they had such a bad experience getting their last mortgage that they put off going through the process again.
“With our free monitoring service, borrowers can relax knowing that their mortgage is being proactively looked after and that they’ll be alerted and guided through the switching process when the time is right.
“Offering this service to the UK’s 11 million borrowers is another step towards our goal of completely transforming the switching process and eradicating switching inertia.”
All Trussle’s existing customers have been automatically registered to the free monitoring service.