What is Koodoo RateScout?
Mortgage rates change all the time, but we want to help you save as much as possible. Our RateScout service means our expert team keeps a constant eye on rates for you after you apply and until your application completes (so you don’t have to!). If we spot a better deal, we’ll let you know and handle the switch for you so you can save without hassle.
What’s the benefit?
Save more £££ with minimal effort: Even a small reduction in your mortgage rate can save thousands over the term of your mortgage.
Get expert support: Our mortgage advisers handle all the complexity, ensuring you get the benefit of better rates without the hassle.
Enjoy peace of mind: Apply for your mortgage with confidence, knowing you're protected against the "what if" of better rates appearing later.
Who’s this for?
First-Time Buyers: Lock in competitive rates now while maintaining flexibility during your home purchase.
Home Movers: Stay protected against rate changes during property chain delays.
Remortgagers: Secure early rates up to 6 months before your current deal ends with the freedom to switch if better options appear.
Buy-to-Let Landlords: Maximise rental property profits with optimal mortgage rates. Even small rate improvements significantly impact your investment returns.
How our mortgage rate monitoring works
Secure initial rate: We find your best available mortgage rate and help you apply
Expert monitoring: Our advisers continuously track market rates for you
Timely alerts: We calculate your costs and contact you when better deals emerge
Switch support: We handle all paperwork if you decide to switch
Most lenders allow product switches for up to 6 months between mortgage offer and completion - the perfect window for our RateScout to work for you.
Is Koodoo RateScout free?
We provide the Koodoo RateScout service at no extra cost - it's included for all Koodoo mortgage customers.
If you switch to a better rate, standard lender fees may apply. We'll always explain costs upfront, ensuring any switch delivers genuine savings.
Mortgage RateScout FAQs
How long can I switch mortgage products? Most lenders allow switches up to 6 months between offer and completion (timeframe set by lenders, not Koodoo).
Will switching delay my completion? Same-lender switches rarely cause delays. New lender switches may affect timelines – we'll advise accordingly.
Do all mortgages qualify for switching? Most standard mortgages allow switching. We'll explain any restrictions when recommending your initial mortgage.
What if I've paid application fees already? Initial fees may not be refundable. We calculate total costs to ensure any switch provides net savings.
How quickly can rate switches happen? Same-lender switches: typically 1-7 working days. Different-lender switches: approximately 7-10 working days.
Will switching mortgage products impact my credit profile?
Same lender switches: No impact on your credit profile.
Different lender switches: A new credit check will be carried out, which may temporarily affect your credit score.
What should I know about credit checks when switching?
A credit check is a standard part of the mortgage application process
Multiple credit checks within a short period can potentially lower your credit score
Our advisors will help minimize any negative impact by guiding you through the most appropriate switching strategy
Can I switch if my credit situation has changed?
Changes in your credit score may affect your ability to switch to more favourable rates
We recommend a thorough review of your current financial situation before proceeding with a switch
Our advisors can provide personalised guidance based on your specific circumstances
Track and save on your mortgage
The Koodoo RateScout is our commitment to securing you the best mortgage rates throughout your journey. Don't let market timing cost you thousands in potential savings or the ideal home.