An online comparison service has launched aimed at helping mortgage prisoners make savings on their monthly payments.
RateSwitch allows homeowners stuck on a standard variable rate to look at the best loyalty rates available from their current lender.
Lee Flavin, chief executive at RateSwitch, said: “It’s been a long-held mission of mine to not only raise greater awareness of the unnecessary costs SVRs bring, but to provide homeowners with a tangible solution to the problem.
“RateSwitch solves a sizeable problem by introducing a whole new dynamic and we’re very excited to join the current wave of start-ups striving to simplify complex processes within the mortgage industry.”
The company was founded by Cardiff-based mortgage adviser Lee Flavin alongside business partners Jason Stallard and Lyanna Tsakiris.