Financial services platform Stipendium says it has launched a remortgage product that guarantees that homeowners can remortgage an unlimited number of times with no broker fees for a one-off cost.

Its Remerge product costs £99, but the business adds that customers may have to pay additional costs, “depending on individual circumstances such as exit fees from a fixed-term [loan]”.

The firm says the mortgage for the loan is arranged by advisers with access to 12,000 products across 90 lenders. It adds the loan product gives homeowners access to a personal remortgage expert and comes with an inbuilt financial health and wealth check.

The platform says homeowners typically remortgage four times during a 25-year mortgage term, at an average total cost of £9,960 over that period.

It adds that broker fees make up around £300 of a remortgage transaction, adding up to a lifetime cost of £1,200.

There were 501,501 remortgages carried out in the UK over the last 12 months to March, according to Bank of England data.

The platform points out that based on these figures total broker remortgage costs to homeowners amount to £150m a year, and when multiplied over a 25-year term adds up to over £3.7bn.

Stipendium co-founder and chief executive Christina Melling says: “Broker fees are a large proportion of a homeowners mortgage and remortgage costs as another layer in the huge overall cost of securing property funding.

“And on an ongoing basis, given the typical propensity to remortgage multiple times in our lifetime, we perhaps forget how much this element really costs us and Stipendium has set out to solve this for the consumer.”