MoneySuperMarket has launched a new remortgage platform, the first step towards delivering the first digitised ‘comparison-to-completion’ remortgage.

The new proposition is a key part of the group’s ‘Reinvent’ strategy and is powered by Podium, the FinTech startup established in July 2018 as a joint venture between MoneySuperMarket and the founders of HD Decisions, Matt Denman and Mark Hawkins, who created the industry standard for cards and loan ‘smart search’ eligibility.

The new 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 home loan online.

MoneySuperMarket has partnered with London & Country and Fluent Mortgages to help provide customers with independent, regulated financial advice. It is also in “advanced discussions” with a number of High Street banks and building societies, as part of an ongoing lender integration programme, with a ‘big six’ lender already piloting the platform.

Jameel Lalani, commercial director at MoneySuperMarket Group, explained: “Lenders have realised that they need to rebuild legacy systems and are getting to the point where they are ready to share APIs with us, so I’d expect some more big names to come on board in the coming months.”

Nick Wadlow, managing director at Podium, told FStech that they have partnered with IRESS for product data, building a sourcing engine on top of this.

He added that while remortgaging was the simplest place to start, “our ambition is to move into offering solutions for homeowners, first-time buyers and even buy-to-let mortgages”. The timing on that is yet to be confirmed, and is dependent on the technology being made available by lenders.

The platform aims to remove some of the pain points associated with traditional mortgage applications, by improving the qualification and eligibility aspects of the search process and giving customers personalised product options relevant to their search.

Andy Hancock, managing director for money at MoneySuperMarket Group, explained that 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.

“Transparency on cost and comparison of products, along with clear and simple integration with lenders and brokers, is absolutely key to achieving this and we’re excited to be working with Podium and our other partners, L&C and Fluent, to bring this proposition to market,” he continued, adding: “Our focus now is to develop the product eligibility further and deepen our broker and lender integrations.”

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