Switching your mortgage – easy as changing your bank account?

New Government proposals are set to give homeowners the power to change their mortgage supplier within a week.
The move – announced in the Queen’s Speech – would be as quick and easy as switching a bank account, according to Whitehall.
Now the Government has launched a consultation to gauge the views of the public and business to see what they think.
Under the proposals in the Digital Economy Bill, the aim is to give consumers more power and make sure they get the best deals.
Customers would only have to deal with their new provider who would handle all the details, as with the seven-day switching system for bank accounts.
It sounds great in theory and would be fantastic if it works in practice. However, the Government need to ensure any tinkering with the system delivers the benefits it intends for consumers rather than adversely affecting the property market.
Changing a mortgage is not quite as simple as switching a bank account, with affordability checks, and surveys – and where do fixed mortgages and early redemption fees come into it?
However, the appetite from consumers for speed and flexibility in property transactions cannot be denied.
We see it first hand when a client’s first priority is often speed of turnaround for one of our expert survey reports rather than price.
We acted accordingly some time ago and now place this as one of the core pillars of our highly-rated customer service for our wide range of surveys as well as our other property related services, such as architectural design and structural engineering.
In a 24/7 world, it is encouraging that the Government recognises the needs of consumers and the necessity for industry to keep up. We’ll watch with interest….you can also read more here: http://www.bbc.co.uk/news/business-36377161
In other news, the scale of the last minute rush to complete buy to let and second property transactions before the April 1 surcharge on Stamp Duty has been revealed.
According to HM Revenue and Customs (HMRC), the number of UK properties sold fell by 45% between March and April.
In total 94,370 properties changed hands in April, down from the record high of 164,400 transactions in March.
It may seem a lot but represents a spike and we expect to see the figures returning to normality as we progress through the year.
Demand for our services has certainly not diminished over the past few months so it is business as usual!
Don’t forget to read all of our latest news and blogs on our Facebook page, follow us on Twitter under @McAndrewMartin and connect with us on LinkedIn.
You can also call us on 02392 697193 and email us on [email protected].

New Government proposals are set to give homeowners the power to change their mortgage supplier within a week. The move…

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