London & Country has launched a service, Mortgage Prompt, to remind borrowers when their mortgage loan discount periods are almost up.
Based on figures from the Council of Mortgage Lenders, the country could be losing an estimated £360 million each year by waiting too long to switch lenders.
The service is designed to alert borrowers three months prior to the end of their scheme so that they have time to review their options and take appropriate action.
David Hollingworth, mortgage specialist at L&C said: "It’s a no-brainer – anyone with a mortgage should register. All it takes is a two minute phone call in return for which you get the peace of mind of knowing you’ll be contacted when you need to start reviewing your mortgage position".
To take advantage of Mortgage Prompt, readers should call 0800 9530313. Callers will be asked for contact details and a record of their existing mortgage including any redemption penalty and the date the penalty expires.
