People paying mortgage have a new option that just might save them some money. Lloyds Bank has recently announced the launch of a new online remortgaging service, promising faster service and better deals.
The bank said its service has a ‘number of unique features’ built after customer testing, with the ability to save and resume in-progress applications, and being able to complete the application entirely online being some of them.
“If borrowers want to get a better deal on their existing mortgage by switching their lender, we want the process that they follow to be as simple and convenient as possible”, said Nick Edwards, Lloyds Bank Digital Director.
The bank offers a mortgage calculator so borrowers can see how much money they could save, after which they can apply ‘in minutes’.
Nick adds: “By introducing a fully online application process we are further increasing the choice we provide for people in how they want to manage their mortgage and allowing them to decide when and where is most convenient.”
According to data from the Bank of England for January 2016, more than 33,000 people switched mortgage lenders, as they look to save money and take advantage of the low rate environment.
“We know from speaking to people who are thinking about moving their mortgage the most important factors are the rate that they are able to secure and the overall cost of the borrowing. These are now part of the first step in our application process so people don’t spend time providing information to then find out that they can’t get the specific mortgage rate they want.”