Moneysupermarket takes JV route into fintech
You’re so fintech, Moneysupermarket. The UK-based price comparison website has entered our sector via a mortgage-focused joint venture (JV) with HD Decisions.
Can’t wait for the crap adverts
The two companies plan to let people compare and apply for mortgages online.
Andy Hancock, managing director, Money at Moneysupermarket, says: “The mortgage market is ripe for disruption. The biggest financial expense faced by most of us is the mortgage. We already have a market leading position helping millions of customers with their mortgages by equipping them to do their initial research of the mortgage market.”
HD Decisions, which since 2014 has been part of Experian, lets consumers find financial products.
According to the firm, each month, one million consumers are using its services to check out credit cards, loans and mortgages that they have a “very strong chance of being accepted for”.
Hancock explains the JV’s plan: “The goal is an easy-to-use comparison service which at the touch of a button on a mobile phone will empower consumers with the information and knowledge they need to do a fairer comparison of mortgages. Those buying their first home may continue to seek personal advice. Others, who may be completing their second, third or even sixth remortgage may simply need help finding the deal that suits them from the thousands available on the market.”
At the Gym
While both firms may be confident, the UK lendtech scene is a very crowded market as banks and firms attempt to stand out.
Last year, NatWest said it became the first UK bank to offer a paperless mortgage – as customers could apply for a completely digital mortgage and share and verify documents online.
Also in 2017, Mortgage Gym unveiled the “world’s first, regulated mortgage robo-adviser” – offering online applications in 15 minutes.
