Nationwide Building Society is the first major lender to collaborate with Moneysupermarket’s new end to end mortgage switching service.
The platform, which launched last month (April 11), allows those looking to switch products to enter their details, compare different products and complete the transaction digitally.
Nationwide hopes the collaboration will give its customers simplified and personalised mortgage options while presenting the best deals for them.
The project is currently in a test phase and applies to existing Nationwide mortgage members wishing to switch products but the building society stated it aims to integrate further areas, such as remortgages, in the coming months.
Henry Jordan, Nationwide’s director of mortgages, said: "Nationwide has worked together with Moneysupermarket and Podium to create an integrated process that enables our existing mortgage members to switch their mortgage via Moneysupermarket.
"This newly-launched collaboration has been made possible using new technology and an innovative approach to journey design, build and delivery, and ensures the best deals are made available to the society’s mortgage members."
Andy Hancock, chief customer officer at Moneysupermarket, said the group was delighted to be working with Nationwide.
He said: "Nationwide is one of the biggest and best-known names in the market, so this is a really exciting first step in our strategy to transform the mortgage experience, not only for our customers, but also for lenders and brokers."
The platform aims to replicate the ease of finding a credit card, loan or bank account within mortgages, allowing customers to compare and apply for a home loan online.
But Dan White, of White Financial Services, said to class a mortgage product in the same category as an unsecured credit card or loan and a bank account was "irresponsible".
He said: "While I understand that innovation and technology are looking to play a great part in the industry, we cannot forget that mortgage advice is critical to ensuring consumers have the most cost effective mortgage suited to their circumstances and based on their individual requirements, not necessarily always chasing the lowest rate."
The process of remortgaging and product-switching continues to digitise. Last month, (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.
imogen.tew@ft.com
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