Rightmove will launch its first broker product, which will allow customers to access mortgage advice through the property website.
The firm says the move builds on the mortgage-in-principle product it launched with Nationwide last year.
It says: “Rightmove makes money here through a revenue share model. Revenue growth here will come from providing Nationwide with more leads and better leads.”
But it adds its next step will allow “consumers to apply for a mortgage via a broker to which Rightmove connects them.
“On Monday, Rightmove will be taking an important strategic step by launching its first broker product, to enable consumers applying for a mortgage to access brokered advice through our site.”
It says: “To begin with we’ll be working with a small number of estate agents’ brokers to work out how to maximise the benefit to estate agents and homemovers as we evolve this proposition.”
The business plans to grow sales from mortgages to around £25m by 2028.
Speaking on BBC radio’s Today programme Rightmove chief executive Johan Svanstrom said: “We are constantly developing usable services for consumers. We want to give everyone the belief they can make their move – especially at these times of high rates.
“We will work with partners to facilitate a digital more transparent process, because we have one of the biggest brands in the market, where a lot of consumers are able to read up about what they can and cannot do.”
Svanstrom was speaking as the firm issued a trading update and ahead of an Investor Day this afternoon where it will outline its three-year growth targets.
Rightmove lifted its average revenue per advertiser outlook for the full-year to £112m to £116m, from its previous guidance of £103m to £105m at its half-year results in July, in a trading statement.
It says this growth is driven by new home developers increasing the use of its adverts and listings.
The business points out that “overall revenue growth has continued to track marginally ahead of consensus expectations”, as estate agent subscriptions and new homes development listings remain stable.
It forecasts that overall revenue will grow by between 8% and 10% this year.
At its Investor Day at the London Stock Exchange, the firm will lay out how its plans to hit 2028 growth targets, which include sales reaching £600m, commercial real estate revenue at £35m, mortgage revenue at £25m, which will generate an underlying operating profit of around £420m.
Digital process and mortgage advice. Ask Which? how that worked out for them.
Don’t need to guess too hard to work out who Rightmove want to link up with.