Could you switch your mortgage in 7 days?
Just one of the ideas in the Government's pipeline to speed up switching in the world of financial services.
You've been able to switch your current account in seven (working!) days since late 2013 but now the Government's keen to extend speedier switching to other areas of the financial market.
So we're talking energy suppliers and even mortgages. On the one hand, I'm in favour of anything that will make life easier for consumers and enable us all to bag better deals, and speedy switching could mean more of us may make the move. The knock on effect is that companies will have to work harder to keep us as customers, so better deals could be on the cards. Just look at some of the banks that are now offering cashbacks of up to £150 for switching or paying decent 5% interest rates.
But while the idea of speedy switching sounds great; how easy will it be in practice? When it comes to mortgages, as I mentioned on Sky News this morning, any new lender will usually want a valuation done on your property, plus by its very nature, a mortgage is a big financial commitment and not something you want signed off in a hurry, plus there's a fair bit of red tape for lenders to contend with to comply with all the regulatory stuff so I think seven days is rather too optimistic for the mortgage market just yet.....