Remortgage  

Santander joins mortgage switching platform

Santander joins mortgage switching platform

Santander is the second lender to join forces with Moneysupermarket for its new end to end mortgage switching service.

The Podium platform, which launched earlier this year (April 11), allows those looking to switch products to enter their details, compare different products and complete the transaction digitally — either through engaging with a mortgage broker or going directly to the lender.

Through the new partnership, announced today (August 1), existing Santander mortgage holders can complete an execution-only product transfer should they wish to stay with the lender.

Customers looking to move their mortgage to Santander from a different lender can do so by remortgaging using the new platform.

The move follows the news in May that Nationwide became the first major lender to collaborate with the service, allowing existing consumers to transfer to other Nationwide products.

Podium is the product of Moneysupermarket’s joint venture with the founders of HD Decisions, a developer of price comparison tools and part of Experian.

Andy Hancock, chief customer officer at Moneysupermarket, said: “It’s really exciting to be able to welcome Santander onto our remortgage platform — this is a great milestone in our ambition to transform the digital mortgage experience for our customers.”

Mr Hancock said the firm was “building real momentum” to deliver the first digitised comparison-to-completion mortgage switching experience.

He said Moneysupermarket was in discussions with other lenders and had integrated two broker partners — London & Country and Fluent Mortgages — to provide advice.

James Sadler, co-founder and director of strategy at Podium, said: “It is great to work with Santander in the product transfer and remortgage market, and we look forward to further developments. 

“Podium is leading the way with lender integrations and at the forefront of building new innovative digital consumer experiences.”

Graham Sellar, head of mortgage business development at Santander, said he was pleased to be partnering with Moneysupermarket to provide options for consumers as “each customer is different in the way they like to shop for their mortgage”.

But brokers had mixed reactions to the Podium platform when it launched earlier this year.

Daniel White, of White Financial Services, thought it was an “interesting development” but thought it downplayed the importance of seeking advice through the mortgage process, while Kevin Dunn, director at Furnely House, said he was pleased there was a method for clients who wanted to and had the knowledge to do their own research.

The process of remortgaging and product-switching continues to digitise. Earlier this year (April 10), HM Land Registry announced 16 lenders had adopted its digital mortgage service — which allows a digital signature for remortgaging — since it launched the year before.

imogen.tew@ft.com

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