New tool will help you ‘find remortgage deal in 15 seconds’
ClearScore, the credit checking service, says its new tool will get rid of time-consuming form filling.
Currently, consumers looking for a remortgage quote have to fill in several lines of information, such as their current house value, outstanding mortgage and monthly payments to get a quote.They then have to evaluate an array of deals on the market today relative to their current deal.
ClearScore said as a result, 25% of homeowners are failing to remortgage before their deal comes to an end and are languishing on their mortgage lender’s standard variable rate (SVR) – costing them up to £347 a month in interest.
ClearScore has partnered with mortgage technology provider Koodoo to automate the application. Its remortgage tool, available on iOS and Android, automatically inputs all the information needed to generate personalised mortgage results by drawing existing information from a user’s credit report and valuing a user’s property.
The firms plan to launch an automatic monitoring service that checks the mortgage market each day and notifies customers when they could save by switching.
Justin Basini, ClearScore co-founder, said: “The current process for comparing mortgages online is really time-consuming and laborious – you have to fill in several pages of information before you can even get an estimated quote.
“It’s painful and is putting people off switching to a new deal, costing them hundreds, sometimes thousands of pounds. We want as many people as possible to be able to take advantage of the record low remortgage rates on offer in 2019, using the latest technology to make it as simple and clear as possible for users to compare deals and save money.”
For more on re-mortgaging, see YourMoney.com’s guide on going direct vs using a broker