Save Money on Your Mortgage with Dashly
For many of us, our mortgage is our biggest monthly outgoing. So it’s important to keep a close eye on it and check regularly whether you could save money by switching to another provider.
That’s exactly what a new online service called Dashly aims to do. They evaluate your current mortgage deal against the whole market, taking into account your specific personal circumstances as well. If they find a better deal for you they let you know and – if you choose to proceed – assist you with the switching process.
How Does Dashly Work?
Dashly is available as a desktop site, with mobile apps for iOS and Android coming soon.
You start by registering and entering some details about your current mortgage and your personal circumstances. The latter is important, as things such as your income, employment type, credit score and age can all affect the deals you could be eligible for. This process takes 10-15 minutes. Dashly then compares your mortgage against an average of 10,000 products to find the best deal for you.
If they find a better deal than your present one, they send you a notification. You can then evaluate this and decide whether you want to switch. If you do, the team at Dashly will assist you with the switching process.
In addition, Dashly will continue monitoring your mortgage every month. If they find you could save money by switching again, they’ll let you know. It’s worth noting that the equity you have in your property changes on a monthly basis due to ever-changing house values and your decreasing mortgage balance. As your LTV (loan-to-value ratio) decreases, your mortgage may qualify for better, cheaper deals. Again, Dashly checks this on your behalf.
You receive a detailed personal report from Dashly about your mortgage every month. In addition, your dashboard will show you all the key facts at any time, from the changing value of your property to the amount of equity in it, any current deals that would save you money to your next payment date. It’s all there on one easy-to-read web page.
How Much Could You Save?
The savings can be substantial. Dashly say that on average their users save £2,620 (see footnote).
Of course, in practice savings will depend on a number of things, including the balance outstanding on your mortgage, the competitiveness of your current deal, the term left to run, and the effect of any early repayment penalties. Dashly takes all of these things into account in determining whether you could save money by switching to a new lender (and by how much).
Are There Any Costs?
Using Dashly is free. There are no hidden charges and Dashly say they will never hit you with advertisements or email campaigns to try to make money from you. They get paid out of mortgage provider fees, and are authorized and regulated by the Financial Conduct Authority.
Dashly are also founding members of Finance For Good, a charity run by social impact fintechs who put consumers first. They say that their security rivals that of the world’s leading banks.
In Conclusion
If you have a mortgage, in these uncertain times it’s more important than ever to ensure that you aren’t paying over the odds for it.
Dashly offers a free service that not only checks whether you are getting the best deal currently but also continues monitoring your situation month by month and recommends switching again if a new and better deal arises.
By using Dashly you could painlessly save hundreds or even thousands of pounds on the cost of your mortgage. There is never any obligation to switch or any fee to pay for the service. So you really have nothing to lose and everything to gain by registering for an account today.
Footnote: Your individual savings may vary and will depend on personal circumstances. £2,620 per year is the average amount based on research Dashly has conducted on the mortgage market. Find out more at www.dashly.com/reference-index.
Disclosure: This is a sponsored post on behalf of Dashly. If you sign up and make use of the service, I may receive a referral fee for introducing you. This will not affect in any way the service you receive or the deals you are offered.
October 31, 2020 @ 11:32 am
For me, the toughest thing is we have a fixed-rate mortgage and it costs to break that contract early, although we have a lifelong mortgage advisor who will find the best deal for us each time we come to renew so we don’t need to think about it. This does seem like a good app if you’re able to swap mortgages x
October 31, 2020 @ 2:34 pm
Thanks, Rhian. Yes, it’s important to take exit penalties into consideration, but sometimes it is still worth switching and paying the penalty. The Dashly app does take exit penalties into account when working out the potential benefit from switching.
November 1, 2020 @ 1:08 pm
Dashly sounds like a wonderful resource. I can’t quite believe it’s free! It is definitely worth having resources like this at your disposal to ensure you are getting the best deal.
November 1, 2020 @ 9:05 pm
Thanks, Rebecca. Yes, it’s a great free resource for anyone with a mortgage and could potentially save thousands of pounds over the life of the mortgage.