Cardiff-based mortgage rate-switching company, RateSwitch, has gained significant investment after being named the winner of the This Is Money’s Great British Entrepreneur Challenge.
Recognised for its commitment to helping homeowners save thousands of pounds a year by switching to better mortgage rates with their existing lenders, RateSwitch has secured £50,000 of investment plus ongoing mentorship and support from successful serial entrepreneur and investor, Andy Yates.
Rateswitch has uncovered one of the mortgage industry’s best kept secrets. Millions of homeowners are paying too much for their mortgage. They can instantly switch to a better rate from their existing lender within hours and with no hassle or cost with RateSwitch – even if their personal circumstances have changed.
Andy has supported a portfolio of fast growth start-ups with strategic and commercial advice for the past eight years, most recently working with employee benefits scheme, Perkbox, seeing the company valued at £75million+.
Andy launched The Great British Entrepreneur Challenge as part of his mission to find business stars from across the UK from all walks of life that he could lend his support to. After narrowing down hundreds of entrants to a group of 12 finalists, RateSwitch was crowned the winner and recently secured its investment.
Andy Yates said:
“The mortgage market is broken – with too many homeowners paying too much every month. I invested in RateSwitch to fix it – and save families up and down the country thousands of pounds a year. Together we can transform the mortgage market and homeowners lives.”
Established in 2016, the Cardiff-based FinTech company has gone from strength to strength and has already helped hundreds of homeowners switch rates and save on average more than £200 a month or £2,400 a year, in some cases rising to savings of £1,300 per month
Founder of RateSwitch, Lee Flavin said: “Winning the Great British Entrepreneur Challenge and securing Andy Yates’ means that we can help so many more homeowners save money.
“RateSwitch’s mission is to free mortgage prisoners across the UK. Homeowners no longer need to be afraid to change their mortgage if their personal circumstances have changed. Our mortgage experts can switch them for free, with no hassle and within hours – and homeowners can start saving immediately.”