Mform has launched a new service that will allow borrowers coming off their initial deal period to compare their existing deal and any new offers from their lender with others on the open market.

The company says that upon entering the details of their current mortgage or offers of mortgages they have received, mform’s search engine results will show the difference in cost between these and other comparable offers on the market.

However, if the results are shown in red then alternatives are more expensive and borrowers should stay with their lender.

According to mform, as many as 116,000 borrowers will come to the end of their initial deal period each month during 2008.

An increasing number of lenders are also using new customer profiling rules that decide whether customers receive competitive deals or those linked to the SVR.

Francis Ghiloni, mform.co.uk’s marketing and business development director, says: “Mortgage companies are making increasing use of churn management systems to retain or discard customers and have restricted the availability of deals to so-called good risks. “Plenty of creditworthy borrowers are being disadvantaged and shouldn’t be.

“Our service is the first to allow existing borrowers to compare their deals with the best in the market and also to enable them to assess offers from lenders intended to retain their business.”