The tool will give homeowners a side-by-side comparison of the best rates from their current lender, as well as competitive options from the rest of the market.
Online broker Mojo Mortgages has launched a tool to deal with remortgaging demand and make the process easier for consumers.
According to Mojo’s latest statistics, remortgaging activity was up by 20% in the first week of April 2020.
The tool will give homeowners a side-by-side comparison of the best rates from their current lender, as well as competitive options from the rest of the market.
It will also provide remote access to a mortgage adviser to talk them through their options and help them make an informed decision.
Richard Hayes, CEO and co-founder of Mojo Mortgages, said: “The coronavirus has led to huge financial concerns for many people and some are looking for ways they can cut their monthly outgoings.
“One of the biggest [outgoings] for a household is a mortgage payment, and whilst some may opt for a mortgage holiday, we’ve seen that more people are coming to us to get a better rate and decrease their monthly mortgage payment in order to reduce costs.
“We found that customers don't always understand what they can do with their existing lender so may just end up taking whatever they get offered because it's quicker and easier.
“While we want to encourage experiences that are quicker and easier, we also want customers to be able to make an informed decision and make the choice that’s right for them, not just the most convenient.
“The need for digitalised services, especially in the traditional mortgage market has never been more prevalent than now, with consumers looking for advice and support from their lenders at a crucial time.
“However, the reality is that the current mortgage market is still archaic, with many unable to work remotely and teams that are outsourced in other countries not able to work due to their own lockdowns.
“We want to bring the industry up to date and use tech to make it easier for everyone to make their finances work for them.
“This tool can help people quickly take control of their mortgage payments at a time when people need it the most.”
