Trussle, the online mortgage broker, has launched a monitoring service which compares deals with the borrower’s current mortgage each day.
If a better deal is found Trussle will automatically alert the borrower and guide them through an online remortgage process.
Trussle’s free service continually monitors over 11,000 of the latest mortgage deals from more than 90 lenders across the market. It takes into account fees, incentives, and any applicable Early Repayment Charge (ERC).
The service 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.
If the service does not find a more suitable deal, the borrower will be prompted to update their details every three months to ensure the most accurate comparison is being made.
Trussle has already introduced the automated service to existing customers and in December 2017 helped its first customer Dexter Lowe switch from his original two-year fixed deal. Dexter saved over £5,000 per year by not lapsing onto his lender’s Standard Variable Rate.
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.”
All Trussle’s existing customers have been automatically registered to the free monitoring service.
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