A new, largely web-based, mortgage and loan checking service has been launched that will tell borrowers whether or not they are in arrears.
The new service, LoanCheck, is driven by an online calculator that is backed by lenders’ databases of rates, terms and conditions. As soon as details of the loan or mortgage have been inputted, the system alerts the borrower to any potential problems. If the borrower proceeds and takes legal advice on a no win, no fee basis from a panel solicitor, a fee of £115 is charged.
LoanCheck’s chairman, John Patterson, said most borrowers did not know the finer details of their mortgage or loan: ‘Many do not know if they are in arrears on their repayments, or even if their home could be repossessed, until it is too late. Sadly people are often prevented from checking on their situation by complicated agreements, jargon and maths.’