Remortgaging is an incredibly popular way to save money on your mortgage, rather than letting it run its course. Reports show that nearly a third of all mortgages throughout the UK are remortgages.
Remortgaging your home can help you to save a considerable amount on your home if done right. Although each situation is different and the amount of money people can save on their mortgage will vary from person to person, many homeowners can save money before their introductory offers runs out and they are switched to a standard variable rate (SVR).
Research conducted by Which? last year found that those put on SVRs may be paying up to £4,000 more per year than if they had remortgaged to a better deal. For some, the saving many only be a few hundred pounds per year, but the mortgage process is notoriously tricky, with conveyancing fees, switching to a different mortgage provider (set up and arrangement fees) and early exit fees from your current mortgage.
Thankfully, tech companies are now starting to develop software that can help you to remortgage your property much faster and easier. Some of the main platforms in the tech industry assisting with remortgages are the following; Trussle, Habito and Mojo Mortgages.
Trussle is an online mortgage broker. Launched in 2015, Trussle uses its technology to scour the internet for the best mortgage deals out there for its users. Trussle tracks over 11,000 available home loans, and uses its expertly designed software to find loans that would best suit each user. The service is free to use, making its money through the mortgage providers on the site.
Launched in the same year as Trussle is another online mortgage broker service called Habito. Habito is another online platform that offers its users quick access to how much money they could be both borrowing and saving from a new mortgage (via their Mortgage Calculator).
Habito harnesses its technology to help its users find the best mortgage deal for them, the platform searching each and every potential home loan out there extensively. Additionally, the tech company also offers free, specialist advice on the best options out there for each home owners own unique financial situation.
Remortgage Quotes Online offers a whole of market quotation system, allowing you get access to quotes from over 80 providers. All applications are run through a soft checker, so there is no impact to your credit score and all quotes provided are no obligation.
Another great fintech company that also conducts whole market comparisons in addition to personalized, specialist advice is Mojo Mortgages. In addition to this, the platform also offers an application manager to help users going through the often complicated and laborious admin that comes with remortgaging a property. Mojo Mortgages as recently received “a big vote of confidence”, securing Series A funding of £7 million at the start of this year, being a shining example of both the growing success and presence of tech companies helping you to remortgage.