The journey starts by answering a few questions such as who your current lender is, what type of loan you want, for example fixed or tracker, how much you want to borrow and for how long.
After that, the remortgage options that you may be eligible for pop up, including what your current lender could offer.
The system doesn’t just show you the headline interest rates, it calculates the monthly payment and takes into account fees and other non-price features of those mortgages.
You then have the option of applying directly to the lender or if you want more advice you can go through to a mortgage broker.
Moneysupermarket Group has partnered with two brokers – London & Country (L&C), who it has worked with for 10 years, and a new partner, Fluent Mortgages, to provide customers with independent, regulated financial advice.
In addition, Moneysupermarket Group is in advanced talks with a number of high street banks and building societies; and as more of these integrate onto the platform, it means you will not have to rekey all your information again.
Andy Hancock, managing director, money at Moneysupermarket Group, commented: “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.
“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.
Daniel Payne, managing director at Fluent Mortgages, said: “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.
“Thanks to MoneySuperMarket, customers are then in a position to go direct to a lender or engage with their mortgage broker, to receive a specific recommendation for total peace of mind.”
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