Mortgages

ClearScore launches 15 second remortgage tool

ClearScore is also launching an automatic monitoring service which notifies customers when they could save by switching.

Rozi Jones
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18th March 2019
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"We want as many people as possible to be able to take advantage of the record low remortgage rates on offer in 2019"

ClearScore has launched a new remortgage tool which allows users to compare remortgage offers in 15 seconds.

ClearScore has partnered with mortgage technology provider Koodoo to automate the application process, drawing existing information from a user’s credit report and valuing a user’s property.

It is available to ClearScore’s seven million UK users through the iOS and Android app and website.

In the next few months ClearScore and Koodoo will launch an automatic monitoring service that checks the mortgage market each day and notifies customers when they could save by switching.

Clearscore will also be able to show users how likely they are to be accepted for particular deals and for certain lenders will enable a remortgage in just a few clicks.

Its research found that 25% of homeowners are failing to remortgage before their deal comes to an end and are sitting on their mortgage lender’s SVR – costing them up to £347 a month in interest. Furthermore, 17% say that switching to a new mortgage is not worth the hassle.

Justin Basini, co-founder of ClearScore, said: “The current process for comparing mortgages online is really time-consuming and laborious – you have to fill in several pages of information before you can even get an estimated quote. It’s painful and is putting people off switching to a new deal, costing them hundreds, sometimes thousands of pounds.

"We want as many people as possible to be able to take advantage of the record low remortgage rates on offer in 2019, using the latest technology to make it as simple and clear as possible for users to compare deals and save money.”

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