ClearScore has simplified the process of comparing remortgage deals online by eliminating form-filling
To compare deals currently, consumers fill in several lines of information, such as their current house value, outstanding mortgage, monthly payments etc., to get a quote. Consumers then have to evaluate an array of deals on the market today relative to their current deal which can involve complex calculations.
Research by Which? noted that 25% of homeowners don’t remortgage before their deal comes to an end and are languishing on their mortgage lender’s standard variable rate (SVR). This can cost borrowers up to £347 a month more in interest. Furthermore, 17% said that switching to a new mortgage is not worth the hassle.
Technology
ClearScore has partnered with mortgage technology provider Koodoo whose remortgage tool automatically inputs all the information needed to generate personalised mortgage results. It does this by drawing existing information from a user’s credit report and valuing a user’s property.
In just 15 seconds, ClearScore shows users how much they could save by switching to a new deal. It is available to ClearScore’s seven million UK users through the iOS and Android app and website.
Automatic monitoring service
In the next few months ClearScore and Koodoo will launch an automatic monitoring service that checks the mortgage market each day and notifies customers when they could save by switching. Their goal is that customers will never need to worry about being on the right mortgage ever again.
Clearscore will also be able to show users how likely they are to be accepted for particular deals and for certain lenders will enable a remortgage in just a few clicks.
Justin Basini, ClearScore co-founder, said: “The current process for comparing mortgages online is really time-consuming and laborious – you have to fill in several pages of information before you can even get an estimated quote.
“It’s painful and is putting people off switching to a new deal, costing them hundreds, sometimes thousands of pounds.
“We want as many people as possible to be able to take advantage of the record low remortgage rates on offer in 2019, using the latest technology to make it as simple and clear as possible for users to compare deals and save money.”
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