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Mortgage 2000 service calculates cost savings from remortgaging

Mortgage 2000 is introducing a service to help IFAs calculate whether their clients could save money by remortgaging.

The Redemption Buster service allows IFAs to work out the savings that can be made by remortgaging with a competitive lender.

IFAs enter details about their client&#39s current mortgage, the rate of interest they pay and amount of redemption fee they may be charged.

Redemption Buster then calculates the saving that could be made by remortgaging, taking into account any redemption penalty the client may face.

Mortgage 2000 says the process takes about three minutes.

Chief executive Simon Nixon says: “Until now, IFAs have not had a simple way to compare the mortgages offered by different lenders and work out the savings. Now, they can do that accurately in minutes.

“Lenders are no longer able to lock customers into uncompetitive rates and rely on inertia to keep them. It is now too easy for IFAs and their clients to work out whether or not it is worth while remortgaging to a better deal.”

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