Comparethemarket.com has launched a service with Koodoo to provide online execution-only remortgages.
Comparethemarket.com has launched a service with Koodoo to provide online execution-only remortgages.
Customers will be able to compare products from their existing lender with other deals on the market.
In addition, the service will be available on product transfers, as well as remortgages between providers.
Lenders including Natwest and Santander are currently available through the service, with the intention to add more.
According to Koodoo, 83% of online users would prefer to apply direct with a lender than with a broker, when given both options.
COVID-19 and the impact some people have felt financially could see an increasing number of homeowners switching to a new product with their existing lender, rather than switching to a new lender who would require a full credit and affordability check as well as a property valuation.
Furthermore, mortgage lenders on price comparison website panels will benefit from Koodoo’s partnership with comparethemarket.com by being able to show a larger pool of savvy homeowners the most cost-effective rates from their existing provider, noted the firm.
Mark Gordon, director of money at comparethemarket.com, said: “We aim to make the process of getting a new deal an even simpler and easier experience for customers through our new relationship with Koodoo.
“The remortgage process can be time consuming and our new service will ensure that homeowners can get the best value for money by looking online.
“This service is designed for homeowners looking to remortgage onto similar deals. comparethemarket.com will continue to offer intermediated mortgage deals for those people who wish to seek advice.”
Seb McDermott, chief executive and co-founder of Koodoo, added: “The Koodoo platform aims to make the mortgage process seamless and transparent for customers, lenders and brokers alike.
“We are delighted to add comparethemarket.com to the platform, its scale and deep understanding of customer needs will help enhance the service we provide to our lender and broker partners.”
