Obtaining a home mortgage is both an accomplishment and an achievement fewer people are realising these days due to high house prices and a challenging down payment. During the course of paying on a mortgage many house owners seek to lower their monthly payment amount by switching lenders through a process known as a remortgage. The government has recently announced plans by which lenders must allow customers to switch provider during a span of seven working days.

Through the plan the government is seeking to parallel the process in which customers switch bank accounts in the same amount of time. It is all part of the government Digital Economy Bill. Switching providers should not be a lengthy process and this is an effort to speed it up.

Through the change in standards, a borrower should be able to change lenders within a seven day process, thus shortening the time from application to securing a new loan. The new measures do not include affordability checks which are conducted on everyone applying for a mortgage loan.

The new process is designed also to limit the amount of time an existing lender can stall before giving in to the new reality of losing a customer to another lender.

A remortgage carries with it many advantages for a home owner looking for a new deal. It can lower payments sometimes by many hundreds of pounds per month. Lowering a monthly payment is just the beginning. Gaining access to home equity to help lower debt or maybe take on a home renovation are also massive benefits.