And, if they don't, Loancheck will help them to seek compensation.
"Most borrowers don't know the finer details of their mortgage or loan, or if they've been fairly treated by their lender," said LoanCheck's chairman John Patterson, who helped form the company after realising that there was nowhere for consumers like himself to turn for truly impartial advice.
"People don't know if they are unwittingly paying their lender excessively high fees, or how their repayments are calculated. Many don't know if they are in arrears on their repayments, or even if their home could be repossessed, until it's too late. Sadly, people are often prevented from checking on their situation by complicated finance agreements, jargon and maths," added Patterson.
LoanCheck's service is driven by its unique "LoanChecker" at www.loancheck.co.uk, an online calculator that took many years to develop and is backed by one of the UK's most comprehensive lenders' databases of rates and terms and conditions. Once individual mortgage/loan details are inputted, the LoanChecker quickly alerts the borrower to any potential anomalies and one of LoanCheck's team of national advisers can then be called upon to explain the next steps.
