Seven day mortgage switching proposed

May 25, 2016 by in category Mortgage News with 0 and 0

Under new plans being consulted on by the Government, borrowers could be allowed to switch their mortgages in seven days,

Including mortgages, it has called for evidence to find out how long it takes people to switch providers across a number of markets,

Over the coming months,the Government will meet with industry bodies to discuss the plan, which is part of the incoming Digital Economy Bill, and the proposals could be in place by next year.

“The government is committed to creating a system that works for consumers and makes markets more competitive, Business secretary Sajid Javid says: “I want to give consumers more power over switching providers for the services they rely on to make sure they are getting the best deals.

“At the moment the time it takes to switch depends on which service you are switching. I want to hear what consumers and businesses think of making switching quicker and more consistent across all markets.”

London Mortgage Advice Ltd is authorized and regulated by the Financial Conduct Authority for residential mortgages and non investment insurance business.

Although London Mortgage Advice Ltd is regulated by FCA, commercial mortgages and most buy-to-let and offshore mortgages are not regulated by the FCA.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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