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£2bn wasted by borrowers per annum, claims mymortgagealert.com

Mymortgagealert.com says UK mortgage borrowers waste over £2bn every year in unnecessary mortgage payments by continuing with uncompetitive interest rate products.

It says advisers could reap handsome rewards by delivering these savings to their clients and that some £500m of procuration fees could be available.

The company says it has recently released a &#39build your own lender panel&#39 facility.

Advisers using the system already have a number of filters to tailor searches for clients. Now in addition to those filters, Advisers can apply the lender filter &#45 effectively forming their own panels of preferred lenders and ensuring that the mymortgagealert.com daily search is conducted on their selected panel.

Chris Hill, managing director, mymortgagealert.com, says: “With these new lender panel filters – mymortgagealert.com is building upon its already unique position. It remains the only independent, low-cost and relentless service that reviews every client file every day for its re-mortgage potential.

“The service generates an income to advisers in its own right, frees up many hours for them to turn to more profitable ends and can save their customers thousands of pounds off their existing mortgage.”

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