Consumers are offered the option to talk to a broker at various stages of this first iteration of the mortgage application software, including at the first product results and after the eligibility fact find, with the offer to talk direct to a lender as well.
David Hollingworth, associate director, communications at L&C Mortgages, said: “Moneysupermarket’s commitment to the mortgage market and investment in their comparison tools will only help to enhance the customer experience.
“Our partnership with Moneysupermarket has evolved over the last ten years, providing a free mortgage advice service for their customers. We are excited by the collaboration and the benefits we will bring to customers seeking free mortgage advice in the new digital age.”
The remortgage and product transfer launch went first as both have simpler affordability calculations, with a broader service in development.
First aggregator move
The firm, which also owns Moneysavingexpert and has 25 per cent of mortgage search traffic in the UK with 16m visits a year, said the first ‘comparison to completion’ mortgage service is a bid to unlock market growth.
Previously, Moneysupermarket offered a rate table, whereas the software launch does a fact find and allows consumers to compare products in different ways, from monthly payment to criteria searches.
Future plans include a personalised consumer desktop allowing potential borrowers to return to searches, integration of credit data and further integration with mortgage advisers and lenders.
The platform is a joint venture with Podium, which is run by the founders of HD Decisions previously known for cards and loans’ ‘smart search’ eligibility.
Advanced lender discussions
Moneysupermarket Group is also in advanced discussions with a number of major high street banks and building societies, and other firms, as part of an ongoing lender integration programme, with an undisclosed lender piloting the platform.
Andy Hancock, managing director, money at Moneysupermarket Group, said: “Mortgages are one of the last areas of financial services to truly digitise. 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.”
James Sadler, co-founder and director of strategy at Podium, said: “The financial services sector is currently going through a massive process of digital transformation. Together, we will create a better search and comparison experience for customers, allowing them to benefit from multiple fulfilment routes, including independent mortgage advice.”
Daniel Payne, managing director at Fluent Mortgages, added: “The mortgage market is hugely complex, but thanks to this new platform, users will be better informed about their borrowing options, be able to narrow down potential lenders more accurately and enjoy a higher degree of certainty about acceptance.”