The platform, powered by MoneySupermarket’s joint venture with the founders of HD Decisions, Podium, allows those looking to remortgage to enter their details, compare different products on the market, and complete the transaction digitally.
The site, which is undergoing further development, allows clients to compare policies from the whole market but can so far only offer the end to end service for policies provided by lenders who have integrated with the platform.
Consumers will also be able to get regulated financial advice as MoneySuperMarket has partnered with L&C Mortgages and Fluent Mortgages to provide the service.
More than 100,000 users have used the site since January but MoneySupermarket announced the official launch today (April 11).
Nick Wadlow, managing director at Podium, said the firm wanted to help customers by providing information beyond which policy had the cheapest monthly payment.
He said: "Comparison sites have previously focused on the lowest monthly payment. We’re trying to make sure that customers can compare on a variety of different aspects.
"For example, we reflect back to the customer the valuation fees and other extra fees that may apply and we let the customer plan by adding this to the monthly payment."
Mr Wadlow added the platform aimed to give a well-rounded view of each lender by comparing them on their customer service and, in the future, would also compare the length of the mortgage process and how much of the process could be done online.
The site will also show product transfer options — a mortgage ‘switch’ with a current provider rather than a remortgage — in case these options are more suitable.
Jameel Lalani, commercial director of mortgages at MoneySupermarket, said MoneySuperMarket saw 16m people visit their site for mortgage information over the last year.
He added: "The FCA said they thought their regulation had halted innovation in the mortgage market and too many people were getting advice.
"I think this platform will help consumers in the industry, who already have a mortgage and are confident, to pursue execution-only routes."
Mr Wadlow told FTAdviser there was an ambition to push the platform beyond just the remortgage market.
He said: "First-time buyers will need an increased level of support and go down the advice journey but there’s still more we can do to provide them with the information during the research phase."
Andy Hancock, managing director of money at the MoneySupermarket Group, said: "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."
Just yesterday (April 10), HM Land Registry announced 16 lenders had adopted its digital mortgage service since it was launched a year ago.
The government is now looking at further ways of improving the homebuying process, particularly around the use of blockchain technology.
Daniel White, of White Financial Services, said: "This is an interesting development launch but I feel that this downplays the importance of seeking professional advice when taking out a mortgage. Are they saying that a mortgage product is no less important than an unsecured credit card or loan?
"While I appreciate we can introduce innovation to help the process of remortgaging, encouraging a consumer only platform is really not the right way forward on such an important financial product."
But Kevin Dunn, head of mortgages at Furnley House, said: "As mortgage advisers, we’re really pleased there is something for clients who want to and have the knowledge to do their own research – it’s a great option for straightforward remortgage cases and will give the clients the ability to see the choices available to them."
imogen.tew@ft.com
