Remortgaging can feel like a thoroughly arduous process – so much so that many people can be put off and not bother switching to a better deal at all.
So, imagine being able to get your remortgage deal approved – or not – in the same way you might sign up for a new car insurance policy or mobile phone deal.
This is just the service MoneySuperMarket is offering to customers through its comparison website for customers looking to compare deals on their remortgage.
As well as the ‘whole of market’ search facility where homeowners can compare deals to find the best rate, it has been working behind the scenes for some time now to create an efficient added extra.
Thanks to the integration of new technology to the site, if customers choose deals from one of MoneySuperMarket’s partner banks they can get a ‘decision in principle’ and then – if they wish – they may sign up to the deal in process which, it is claimed, will take only minutes.
Sound a bit too fast? Well, never fear – you don’t have to dive straight in if you have any questions or reservations.
Dave Harries, head of digital distribution at NatWest Bank explained: “After receiving a successful Decision in Principle (DIP), customers have the option to apply via an online execution-only route, or to speak to one of our NatWest Mortgage Advisors.
“We know, of course, that whilst some customers are comfortable applying online, many others prefer an advice conversation, so we are always keen to ensure customers have both options available to them.”
Transparency
He said the service would offer customers an instant indication of how much the bank might lend to them, giving them greater transparency and confidence early in the mortgage journey.
Currently there are only a few lenders on board with this service – the recently signed up NatWest along with Santander and Nationwide, which both joined in the pilot stages.
It means there are only three lenders at present with whom customers can go through this process. However these firms make up three of ‘Big Six’ lenders so they cover a big chunk of the mortgage market. And no doubt MoneySuperMarket do not plan to stop here.
Indeed, the price comparison site said it planned to extend its use of this technology over the coming months to replicate the process for customers searching for a mortgage on a new home, as well as on buy-to-let mortgages.
In the meantime, there’s plenty of options for remortgagers to investigate – even if they don’t want to sign up.
James Sadler, co-founder of Podium, which has provided the technology to enable the integration with lenders, said: “Before committing to any lenders, users will be able to explore all the deals available on MoneySuperMarket.com.
“The platform provides a whole of market proposition, so customers get to search and compare different types of mortgage products available in the market based on their criteria.
“If they select a NatWest re-mortgage deal, the new integration powered by Podium allows the customer to get a rapid online decision.”
