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Nationwide launches execution-only mortgage switch comparison service with Moneysupermarket

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  • 09/05/2019
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Nationwide launches execution-only mortgage switch comparison service with Moneysupermarket
Nationwide Building Society has become the first lender to partner with Moneysupermarket on its mortgage comparison and product switch platform.

 

Nationwide said the system would allow its existing borrowers to “understand their options” and complete a mortgage product switch online.

The mutual said the platform will identify which deals are most suitable for individual members, providing them with “simplified and personalised mortgage product options”.

The system is currently in a test phase and only applies to existing mortgage member switching, but Nationwide said it wants to expand the platform to include additional areas such as remortgages in the coming months.

A spokesperson for Nationwide noted that the system provides an execution-only journey, and suggested that members can compare both their switch and remortgage options side by side.

They noted that the switcher range available via Moneysupermarket was the same as the range available in all other channels, including through brokers, and said that members were free to get advice at any point.

 

Replicate credit card switching

The launch comes the same week as the FCA’s proposed an overhaul to its mortgage advice rules, suggestion that they may be holding back the development of tools which allow borrowers to compare mortgage deals and complete execution-only purchases.

It took the approach following some submissions to its Mortgages Market Study (MMS) which suggested these systems may have been classed as providing advice.

Moneysupermarket said the platform will be an attempt to replicate the simple way that users can find a credit card or bank account but with home loans.

Henry Jordan, director of mortgages at Nationwide, said: “This newly-launched collaboration has been made possible using new technology and an innovative approach to journey design, build and delivery, and ensures the best deals are made available to the society’s mortgage members.”

Andy Hancock, chief customer officer at Moneysupermarket, suggested that the technology had the potential to deliver benefits for intermediaries in the future, saying that this is “a really exciting first step in our strategy to transform the mortgage experience, not only for our customers, but also for lenders and brokers”.

 

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