L&C launches one minute mortgage check
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London & Country has launched a free online calculator allowing consumers to check whether they could save money by switching their current mortgage deal that takes under a minute to complete.
Borrowers use sliding scale bars to put in the current value of their property, their current loan amount, and their current interest rate.
Those on a repayment mortgage will also need to fill in the remaining term on their mortgage.
The calculator then checks the details against L&C’s own product database to see if there is a deal available that could save the borrower money.
Richard Morea, technical manager at L&C, says: “If the calculator looks like it can’t save borrowers money, providing the borrower has put in their name and email address the system will send them an alert if the market changes.
“This could be changes in market conditions such as house prices or new deals out that might undercut the borrower’s existing deal.
“The alert prompts borrowers to think that now might be a good time to revisit their current deal.”
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Readers' comments (1)
Anonymous | 23 Nov 2009 1:40 pm
This sounds like a marketing gimmick to me, how can a calculator tell a customer whether they will save money, mortgage lending has gotten more complicated over the last 18 months not simpler, and certainly not simple enough to provide anything more than guess-timate to customers from a one minute check...
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