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The fridge magnet that could save you thousands of pounds

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Written by: Emma Lunn
11/03/2021
‘Blink’ is the innovative gadget from mortgage-switching platform Dashly.

Once Blink, which is shaped like a lighthouse, lands on your doormat, you simply scan the QR code with your smartphone, and download the Dashly app.

You’ll need to sync this to your Dashly ‘dashboard’ and input all the key information about your mortgage and home. Blink is then connected, in real-time, to Dashly’s always-on mortgage switching technology.

It searches all available mortgage products on the market and compares them against your mortgage and financial circumstances every day to make sure you’re on the best deal.

If you can’t save any money on your mortgage and are on the best deal, Blink flashes green. But if the Blink lighthouse flashes pink, it means Dashly has spotted a way for you to save money on your mortgage. This might be the case even if you’re in the middle of a fixed rate and need to pay an early redemption charge.

If you then want to switch mortgage deals, you’ll be put in touch with a mortgage adviser at Dashly.

As an example, Dashly recently switched a borrower who was halfway through a five-year fixed rate mortgage. Dashly saved the man £5,717 over the remaining two years and five months of the mortgage — after the borrower paid an early repayment charge of £4,978 and all other set-up, legal and arrangement fees.

Dashly had identified that the value of the borrower’s home had increased and that his personal circumstances had also changed since he took out the loan. This meant he would now be eligible for a lower loan-to-value mortgage.

Even if you can’t save money during a fixed rate, Dashly will warn you when your fixed period is due to end before you are switched to your lender’s standard variable rate.

Ross Boyd, Dashly CEO, said: “A home’s not a home without a fridge magnet or two so we thought we’d create one with a purpose: to save people money. It’s a bit of fun, of course, but there’s a serious message to it all, too: your mortgage shouldn’t be forgotten about but should be compared against the market daily to ensure you’re always on the best deal. Blink does that, in an ever-so-slightly-retro fridge magnet kind of way.

“Many Brits think about property day and night but the vast majority of us think about our mortgages only every two, three or five years. This is because we’ve been trained to believe that paying an early redemption charge means it’s impossible to save money during a fixed rate mortgage but that’s no longer the case given the new technologies available. These are able to scan so many variables that paying an ERC, as contrarian as it sounds, can make financial sense and save people thousands of pounds. We created Blink as a visual reminder that Dashly has got a borrower’s back 24/7.”

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