Remortgaging is a popular way to save money on your mortgage – with lower rates available to those that switch. Introductory rates are often available for the first few years of your mortgage deal, but once you get to year 3 or 5, the standard variable rate (SVR) kicks in.
The SVR can be significantly higher, hence the role of getting a new mortgage or ‘remortgage’ with the same or different provider. Research conducted by Which? last year found that those put on SVRs may be paying up to £4,000 more per year than if they remortgaged to the best deal.
However, the process of remortgaging is a headache for many households with an abundance of paperwork, early exit fees and the challenge of trying to find the best rates for your circumstances.
Fintech companies simplifying the process
Fortunately, Fintech companies are on hand to help make the process simpler and straightforward, by providing faster comparisons and the ability to switch to a new deal much quicker than ever before.
Trussle is an online mortgage broker. Launched in 2015, Trussle uses its technology to scour the internet for the best mortgage deals out there for its users. Trussle tracks over 11,000 available home loans, and uses its expertly designed software to find loans that would best suit each user. The service is free to use, making its money through the mortgage providers on the site.
Launched in the same year as Trussle is another online mortgage broker service, Habito. The online platform offers its users quick access to how much money they could be both borrowing and saving from a new mortgage (via their Mortgage Calculator).
Finding the best deal
Habito harnesses its technology to help its users find the best mortgage deal for them, the platform searching each and every potential home loan out there extensively. Additionally, the tech company also offers free, specialist advice on the best options out there for each home owners own unique financial situation.
There are a number of Fintech websites offering a whole of market comparison, including My Financial Broker, who also specialize in assisting customers with adverse credit histories.
Mojo Mortgages allow customers to compare over 100 deals at once and make an informed decision when moving to a new mortgage deal.
Mojo Mortgages is a shining example of both the growing presence and success of tech companies helping you to remortgage. The business received “a big vote of confidence” recently when it secured Series A funding of £7 million.
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