Mortgage platform Dashly has released ‘Blink’, a fridge magnet that alerts owners to mortgage deals that save them money.

Synching to Dashly users’ dashboards, the magnet looks for mortgage products, blinking green if it has calculated the current deal as the best one.

It will blink pink if it finds a cheaper deal – with early repayment charges taken into account.

Blink also alerts users to the end of their fixed rate, mitigating the risk of the borrower dropping onto a lender’s standard variable rate.

When alerted to an improved rate, borrowers can then be put in contact with either their own broker or a Dashly broker.

Dashly chief executive Ross Boyd comments: “A home’s not a home without a fridge magnet or two so we thought we’d create one with a purpose: to save people money.

“It’s a bit of fun, of course, but there’s a serious message to it all, too: your mortgage shouldn’t be forgotten about but should be compared against the market daily to ensure you’re always on the best deal. Blink does that, in an ever-so-slightly-retro fridge magnet kind of way.

“Many Brits think about property day and night but the vast majority of us think about our mortgages only every two, three or five years.

“This is because we’ve been trained to believe that paying an early redemption charge means it’s impossible to save money during a fixed rate mortgage but that’s no longer the case given the new technologies available.

“These are able to scan so many variables that paying an ERC, as contrarian as it sounds, can make financial sense and save people thousands of pounds. We created Blink as a visual reminder that Dashly has got a borrower’s back 24/7.”