Online mortgage broker Trussle has launched a free mortgage monitoring service that will alert borrowers when a better deal come onto the market.
Trussle says the function will help tackle switching inertia.
All UK homeowners can access the service, which continually monitors more than 11,000 of the latest mortgage deals from more than 90 lenders.
The service compares these deals with the borrower’s current deal each day, taking into account fees, incentives, and any applicable early repayment charges.
If it calculates that savings could be made by switching, Trussle will automatically alert the borrower and guide them through an online remortgage process.
Borrowers have to sign up to the service on Trussle’s website. All Trussle’s existing customers have been automatically registered.
Trussle chief executive Ishaan Malhi says: “We know that at least two million mortgage borrowers in the UK are failing to switch at the right time. This is either because they don’t realise the benefits of remortgaging, forget when their current deal is due to end, or they had such a bad experience getting their last mortgage that they put off going through the process again.
“With our free monitoring service, borrowers can relax knowing that their mortgage is being proactively looked after and that they’ll be alerted and guided through the switching process when the time is right.”