Two million UK homeowners are overpaying on average £375 per month on their mortgage

This loyalty penalty must be tackled by the mortgage industry. The Mortgage Switch Guarantee which sets a higher standard of transparency for lenders, to make switching mortgage clearer & easier for customers who meet lending criteria. Support our campaign to call on lenders to act now.

The Mortgage Switch Guarantee calls on lenders to:

  • Contact borrowers three months before their initial rate period ends, electronically & by post
  • Show borrowers key mortgage information online, or via SMS messages
  • Display the True Cost of a mortgage’s initial rate period*
Mortgage switch Image

Why do we need the Mortgage Switch Guarantee?

Mortgages are the largest source of debt for households in the UK.

Switching to a market leading mortgage deal from the average Standard Variable Rate (SVR) would save borrowers on average £4,500 a year.

It’s time that lenders and policymakers worked together to make switching simpler for borrowers, and implemented the Mortgage Switch Guarantee.

Join the campaign.

“We knew we were paying more than we should be, but it wasn’t something we thought much about. When I went on maternity leave, I decided to start looking into it, and only then did we realise how much we could save.”

Ella’s story

Our house had moved out of negative equity, so we thought we could improve our monthly payments, which were very high. [We switched from a Standard Variable Rate and] are now saving approximately £170 a month. We haven’t had a holiday in two years and are now saving for one!

Garrie's story