The portal, which is now live and is one part of Koodoo’s origination platform, will show brokers and borrowers remortgage rates and products available as they near the end of their fixed rate mortgage term.
Brokers can switch products quickly and easily with a streamline remortgage process, allowing them to switch to a new rate product ‘in minutes’ and securing the corresponding proc fee.
Brokers are also notified by the portal when a customer’s deal is nearing the end of their deal.
Vicki Harris, chief commercial officer at Kensington Mortgages, said: “We’re delighted to unveil our new remortgage switch portal. We believe the portal will make remortgaging faster and simpler for brokers and clients alike.
“Our aim is always to innovate and help improve the way our mortgages work, and with the help of Koodoo we’re doing just that, as well as reaffirming Kensington’s place as a leader in specialist lender mortgage technology.”
Seb McDermott, chief executive at Koodoo, added: “We are thrilled to have joined forces with Kensington to deliver an industry-leading portal for Kensington customers and their brokers. The portal enables a product switch in minutes and is fully integrated with Kensington systems meaning no re-keying and real time decisions.
“We look forward to continuing our partnership with Kensington as we work together to harness technology for the benefit of customers, brokers and underwriters in the mortgage industry.”
Last week, Barclays said it had reached an agreement to acquire Kensington Mortgages, which the bank said would give it access to the specialist lending market.