Comparison website comparethemarket.com is working with mortgage technology provider Koodoo to deliver execution-only remortgage deals for customers online.

Homeowners will be able to see personalised deals and apply via a simple, few clicks process. Customers can compare products from their existing lender with other deals on the market and choose whether to apply direct to a lender online or via a broker.

The service will be available for product transfers, as well as remortgages between providers, from lenders including NatWest and Santander. More lenders are set to join the platform shortly.

The two firms say customer behaviour is shifting away from face to face towards digital applications and this type of innovation will offer lenders an improved mortgage service for their customer.

It will be similar to simpler products such as car insurance, cards and loans where customers can understand the likelihood of acceptance of their application before connecting with a provider.

According to Koodoo, there is an increased demand from homeowners for a simpler and faster remortgage process. Its research found 83 per cent 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.

The firm says mortgage lenders on price comparison website panels will benefit from its partnership with comparethemarket.com by being able to show a larger pool of homeowners the most cost-effective rates from their existing provider.

Comparethemarket.com director of money Mark Gordon says: “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.”

Koodoo chief executive and co-founder Seb McDermott comments: “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.”