First Complete has outlined its concerns over the Government’s proposed consultation on plans to allow consumers to switch mortgage providers within seven days.

Karen Hedges, mortgage manager for First Complete, said: “Firstly, I support any proposal that serves to improve customer outcomes. That said, this proposal could be a profoundly negative step for the mortgage market.

“This Bill naively compares swapping a mortgage, the single biggest financial contract for a household, with changing mobile phone or energy providers.

“I am sure processes could be faster for an A-class applicant with an immaculate credit record who is applying for a pound to pound remortgage, with a low loan to  value – however it won’t work for the majority.

“Even more worrying is that if a wrong decision is made with a mortgage it could cost someone thousands of pounds, and possibly their home.”