MoneySuperMarket has launched a remortgage platform allowing customers to compare and apply for mortgage loans online.
The journey starts by helping the customer to identify the specific mortgage options available to them and will help them to understand and compare the true cost and other non-price features of those mortgages.
Customers can then choose to engage with a mortgage broker or lender for financial advice or go direct to lender.
The group has partnered with two mortgage brokers to provide support to customers looking for advice, London & Country and Fluent Mortgages.
Andy Hancock, managing director, money, Moneysupermarket Group, said: “Mortgages are one of the last areas of financial services to truly digitise.
“Customers are crying out for greater clarity on the product options available to them, and a simpler and more efficient way to apply.
“Millions of customers look to us for help with mortgages every year and this new platform will give them a new level of choice, control and transparency in their remortgage journey.”
The platform is powered by Podium, a joint venture between Moneysupermarket Group and the founders of HD Decisions – Matt Denman and Mark Hawkins.
Denman said: “The platform is all about giving consumers choice. This is absolutely not a route to stop consumers using brokers – we see brokers as a key part of the platform.”
Advisers using the platform will be able to see what customers have searched for already, like the loan-to-value and how much they are looking to borrow.
The platform will currently be used for users of MoneySuperMarket , but potentially other brokers and lenders will be able to use it down the line in order to compare products.
Moneysupermarket Group is in advanced discussions with a number of major high street banks and building societies, as part of an ongoing lender integration programme, with a key lender already piloting the platform.
MoneySuperMarket said the comparison platform aims to replicate the ease and convenience of finding a credit card, loan or bank account within the mortgage space, allowing customers to compare and apply for a mortgage online.
David Hollingworth, associate director, communications, L&C Mortgages, said: “We are excited by the collaboration and the benefits we will bring to customers seeking free mortgage advice in the new digital age.”