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London & Country remortgage guarantee

National mortgage broker London & Country is guaranteeing it will complete remortgages in 28 days or pay clients any money they lose out on.

L&C will pay the difference between a borrower&#39s old mortgage payment and new one if it runs over 28 days. Initially, the pledge only applies to an exclusive Alliance & Leicester remortgage but it is in talks with several other lenders, including Yorkshire and Nottingham building societies. It is calling on “Dickensian” lenders to make it easier for borrowers to switch loans quickly by cutting out admin hurdles.

The Prompt Switch service is designed to tackle the problem of around three-quarters of borrowers failing to remortgage because of the perceived hassle factor despite the potential financial reward.

Insurance provider First Title believes this will transform the remortgage market and bring the average completion time down to five days rather than months. It envisages brokers refusing to deal with lenders not willing to complete deals in set time periods.

L&C managing director Phillip Cartwright says: “I see no reason why this kind of guaranteed time scale will not become the norm. However, I fear many lenders will remain stuck in the dark ages.”

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