Three minute check to cheaper mortgage payments

Yorkshire Building Society is calling on all mortgage borrowers to take its Three Minute Mortgage Check to see if they could save money on their monthly mortgage payments.

The check, which is available online, over the phone and in branches, is free to all borrowers and requires just five pieces of information to determine if the Society can offer cheaper monthly mortgage payments for homeowners.  The service launched just last week, and initial results show that over 75% of borrowers could potentially save money by moving their mortgage to the Yorkshire.

Tom Girling, Mortgage Product Manager at the Society says "In the time that it takes to boil a kettle people can check to see if they could save money each month on their mortgage payments.

"We have a great selection of really competitive mortgages to suit different borrowers' needs and as our rates start at just 2.49%, and we lend up to 85% of a property's value, we are not surprised that our Three Minute Mortgage Check has shown that many borrowers could potentially save money with a move to the Yorkshire".

Earlier this year Yorkshire stated that it plans to significantly increase its share of the mortgage market in 2010. To achieve this it has had a number of market leading products that have already generated over 400 best buy mortgage mentions in national newspapers this year.

Borrowers wishing to take the Three Minute Mortgage Check can do so by visiting 3minute.co.uk.

To complete the check, borrowers will require details from their current mortgage statement (mortgage rate, the remaining mortgage balance, the term of the mortgage and repayment method) and also the approximate current value of their property.