Borrowers who register for the free mortgage prompt service will receive a text message direct to their mobile phone two months before their existing deal ends.
James Cotton, mortgage specialist at L&C, says: “Remortgaging can take a couple of months but 30 seconds of work to register for a mortgage prompt could end up saving hundreds of pounds.
“Anyone with early repayment charges on their deal should register for this service. The savings that can be made by switching to a competitive deal means there is no need for anyone to be paying their lender’s SVR.”
Mike Fitzgerald, sales director of Brentchase Financial Services, says: “Anything that reminds clients to look at deals a couple of months before their existing rate expires is a great idea.”