The technology, which Mojo claims is the first in the industry, lets borrowers do a side-by-side comparison of the best rates their current lender is offering them against a full search of the market.
Product transfers have become an increasingly important part of the mortgage market.
Almost 1.2 million people took a product transfer with their existing lender in 2018 worth £158.7bn of lending activity, which is around double the remortgage figure, according to UK Finance.
And switching was up 2.1 per cent to £39.2bn in the first three months of 2019.
Mojo noted that around half of these product transfers were non-advised, and there was no easy way for people to check whether they were being offered the most suitable option.
And added that it was understandable the level of advice dropped with a product transfer as people were more familiar with their obligations and lenders were more comfortable with the customer’s ability to pay.
But the broker firm argued that comparing a product switch and remortgage could save people an average £531.20 over a two-year fixed period.
Brokers can support switching
“People see how competitive their current lender’s deal is, and if savings are minimal, there’s no doubt a product transfer can be a good option,” said Richard Hayes CEO of Mojo Mortgages.
“If that’s the case, we can sort that out for customers within a day. All for free.
“It’s a bit of a myth that you can’t use a broker to do a product transfer, an expensive myth. The relationship between a broker and a customer isn’t over after the first mortgage – that’s a transaction.
“We want to be there in the background until people need us again and the remortgaging or product transfer phase is a crucial time,” he added.
