Moneysupermarket, a UK-based price comparison portal, has inked an agreement with the founders of HD Decisions to set up a new joint venture (JV) to digitising the traditionally paper-based mortgage market in the country.
The new entity called Podium will operate as an onsite mortgage broker.
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Using Podium, the users will be able to compare and apply for a mortgage online without requiring visiting a broker’s site. For every product sold through its site, Moneysupermarket would be paid a fee by the lender.
Moneysupermarket CEO Mark Lewis said: “We all know finding a better mortgage is complicated. Customers are already looking to us for help with mortgages.
“We said we would do something about this and today we announce Podium, a new mortgage fintech, to build a comparison tool to bring customers the digitisation of mortgages – an easier and better way to arrange the mortgage that suits them.”
Podium is part of Moneysupermarket’s ‘Reinvent’ strategy to speed up core growth and expand into new market segments.
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By GlobalDataAs part of the strategy, the company is also building an app to help users save money on household bills in one place.
