Make mortgages fairer with the Mortgage Switch Guarantee
Two million home owners across the UK are losing on average of £375 per month because switching mortgage isn’t currently clear or simple. The Mortgage Switch Guarantee sets a higher standard of transparency for lenders, to make mortgage switching easier for borrowers.
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*
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.”
“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!”