View more on these topics

Habito announces new mortgage switch pledge

Habito has announced an initiative that aims to stop its customers from reverting to a lender’s SVR.

Citing research that shows that 55 per cent of current mortgage holders could save nearly £300 in switching, Habito says that it will alert each of its customers with a ‘4 Months’ Notice’ via text messages and emails that will also set out the steps required to switch mortgage products.

As well as this, Habito reports that it is urging all mortgage lenders to “do the same,” adding that the actions of the top six UK lenders all vary in their behaviour regarding this. Research provided by Habito shows that this ranges from lenders providing 90 days’ notice to “no notice – it is up to the customer to keep up with their mortgage product timings.”

Habito chief executive Daniel Hegarty says: “As is so often the case in traditional financial services, loyalty is penalised rather than rewarded. The longer you stay with the status quo, the more you pay. People deserve better than that – they need the right information about their mortgage, given at the right time, to make the right choice on what’s best for them.”

“We strongly believe we have a duty of care to our customers to ensure that whoever their mortgage lender is, we help them avoid the trap of spending more than they should on their mortgage. It can take anywhere up to eight weeks for a remortgage to complete so if a customer is only notified the month before the end of their deal, they will most likely end up paying the lender’s SVR.”

Recommended

Pepper signs servicing deal with Habito

Habito has appointed Pepper UK to provide end-to-end servicing for its buy-to-let products. Earlier this month Habito become the first mortgage broker in the UK to start lending after securing £500m funding. The range is aimed at individual buy-to-let landlords, with intentions to extend the offering to company BTL “soon”. Products include two-, three-, five-, […]

Habito BTL move: the industry’s take

Habito recently entered the buy-to-let mortgage market after securing £500m of funding from an unnamed FCA-regulated company. The firm will now offer mortgage products to individual landlords and plans to extend its offering to limited company and portfolio BTL as well. Products include two-, three-, five-, seven-, and ten-year fixed rate deals from between 65 […]

Young-man-working-on-laptop-technology.jpg
1

Habito launches own BTL range with instant decisions

Online broker Habito has launched its own buy-to-let mortgage range that will give applicants an instant decision on whether their loan is approved. It will start by offering deals for individual landlords but plans to expand into limited company and portfolio buy-to-let soon. The broker has secured £500m from an unnamed FCA-regulated company to fund […]

The death of retirement – a boost for protection?

According to our recent report on the death of retirement, changes in workplace pension provision mean that coming generations of retirees could have a radically different experience of retirement from their parents. The average contribution rate into an old-style final salary pension was around 20% of total wages, the statutory minimum for a new automatic […]

Newsletter

News and expert analysis straight to your inbox

Sign up
Close

Why register with Mortgage Strategy?

Mortgage Strategy continues to be the market-leading B2B mortgage publication in the UK, and provides trusted, independent insight with the aim of helping, promoting and analysing the latest developments for mortgage professionals.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Mortgage Strategy Events
Be the first to hear about our industry leading conferences, awards, webinars and more.

Research and insight
Take part in and see the results of Mortgage Strategy's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now