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Moneysupermarket launches fintech for ‘digitisation of mortgages’

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  • 19/07/2018
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Moneysupermarket launches fintech for ‘digitisation of mortgages’
Moneysupermarket is creating a new mortgage comparison tool to help borrowers find home loans online as part of its “digitisation of mortgages” .

 

 

The comparison site revealed in its interim results a partnership with the founders of Experian-owned HD Partners to develop the mortgage fintech Podium, which will be focused on the digitisation of mortgages.

Through the tool people will be able to compare and take out a mortgage online without going via a broker.

Under the model, Moneysupermarket would be paid a fee by the lender when the application goes through.

The project is part of the group’s ‘reinvent’ strategy which is aimed at using new technology to provide market growth.

HD Partners provides technology that can profile prospective consumers in seconds to match them with credit products they will be accepted for.

The company is working to adapt this technology to mortgages to help borrowers find out faster which lenders will lend to them and how much they can borrow.

There is not yet a launch date for Podium.

 

‘Easier way to arrange a mortgage’

Mark Lewis, chief executive of Moneysupermarket Group, said: “We all know finding a better mortgage is complicated.

“We said we would do something about this and today we announce Podium, a new mortgage fintech, to build a comparison tool to bring customers the digitisation of mortgages – an easier and better way to arrange the mortgage that suits them.”

The comparison site today announced a 5% annual growth in profits after tax and revenue in the six months to the end of June 2018.

As part of Moneysupermarket’s reinvent strategy, the site is also building an app to help users save money on household bills in one place.

The company also plans to update its price comparison service for mobile phone users.

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