A new service, The Mortgage Monitor, aims to compare clients’ mortgages with those available on the market and alert them of remortgaging deals.
For a one-off sum of £9.99, clients will receive an analysis of their mortgage, and any immediate remortgage opportunities, and updates as new products enter the market, for the life of the loan.
The introduction of the service is due to the large increase in the number of mortgages available to the general public. Mortgage Monitor said that the number is now so great that, unless you know what you are doing, choosing the right mortgage can be a worrying experience. The new service points out that substantial amounts can be saved by taking advantage of interest rate changes, or one-off discount mortgages, for example.
Andy Fallon, managing director of Mortgage Monitor, said: ‘Having advised on mortgages for more than 50 years we know the most prevalent reason for people spending more money on their mortgage than they should is apathy and complacency. By not charging customers and proactively, independently monitoring their mortgage they will neither suffer apathy or, more importantly, suffer being overcharged.’
Contact www.themortgage- monitor.co.uk