MoneySuperMarket has announced the launch of a remortgage comparison platform.
The new tool has been developed with Podium, a fintech firm set up last summer by MoneySuperMarket and the founders of HD Decisions. It uses data provided by IRESS.
The comparison service, MoneySuperMarket says, will enable customers to look at different remortgage deals and either perform the transaction directly with a lender, or send the data to a mortgage broker.
To this end, MoneySuperMarket has struck up partnerships with brokers London & Country and Fluent. It says that any broker can be used, but that data will be shared more quickly with those it has integrated its systems with.
It adds that it is working on integrating lenders into its systems too, with one of the “big six” currently piloting the platform.
Regarding the tool itself, MoneySuperMarket claims that it will do more than simply list remortgage deals based on the lowest price.
“There’s an obsession with headline prices and this is something that lenders definitely tailor to appear at the top of tables,” says Podium co-founder and director of strategy James Sadler. “We’ve worked hard with IRESS to create a system where customers can compare products based on fees, show recalculated monthly payments with these added on… and there are other factors beyond prices, too.”
“We will show, in the case of product transfers, how deals compared if you stay with the same lender versus going to the open market in terms of fees, for example – or whether or not a borrower can manage their mortgage entirely online,” reports MoneySuperMarket managing director Andy Hancock
“We see this as a key area,” he continues. “We transformed the cards and loans market by moving beyond rate tables. We are pioneers in doing this.”
The team also say that how and why products qualify to be shown throughout the comparison will be signposted at each stage of the process.
This, Hancock says, is because the website’s customers typically use it early on in their research process – he gives three months before having to remortgage as an example – adding that they will often repeat the comparison process many times before coming to a decision. The data produced in doing this can then be sent to brokers, in theory allowing the broker to give more informed advice.
When asked what plans MoneySuperMarket has to expand the tool, both say that remortgaging is their focus for the forseeable future. “Once we’ve cracked this,” Hancock says, “we will move on to other mortgage channels.”