ClearScore has released a tool that reportedly allows customers to compare remortgage offers in 15 seconds.
The credit scoring company says that the standard way of comparing remortgage deals results in 25 per cent of homeowners failing to remortgage. It adds that 17 per cent of homeowners believe that switching to a new mortgage is “not worth the hassle”.
The tool was developed with technology firm Koodoo. The pair say that they are in the process of launching an automatic monitoring service that will alert customers as and when a new deal is available, plus give a likelihood of said customer being accepted on these deals.
ClearScore co-founder Justin Basini says: “The current process for comparing mortgages online is really time-consuming and laborious – you have to fill in several pages of information before you can even get an estimated quote.
“It is painful and is putting people off switching to a new deal, costing them hundreds, sometimes thousands of pounds. We want as many people as possible to be able to take advantage of the record low remortgage rates on offer in 2019, using the latest technology to make it as simple and clear as possible for users to compare deals and save money.”