MortgageGym.com, which its founders have dubbed a ‘regulated mortgage robo-adviser’, is to launch in the UK in the coming months.
It is claimed the service will allow UK homebuyers to complete their mortgage application online in 15 minutes through a free, online portal combining robo- and livebroker advice.
Mortgage Gym will also be digital mortgage network, letting brokers to acquire customers independently, operate a paperless business and remain compliant under the Mortgage Market Review (MMR).
As the online portal is integrated with consumer credit files provided in official partnership with Experian, the founder claims it sorts out “95% of the back-office compliance brokers need to complete.“
The FCA authorised service will offer applicants “detailed insight” into the mortgages they can realistically afford within 60 seconds based on live affordability searches from 12 of the top 20 lenders. Mortgage Gym does a ‘soft-search’ of an applicant’s Experian credit file and matches it to lenders’ internal scorecards, then cross references this with daily best-rate tables.
Applicants will be able to upload images of all their application documents online, which are dynamically read using Optical Character Recognition (OCR) technology.
Access to final, live advice and support from thousands of brokers nationwide will be available, which will be rated by homebuyers via Trustpilot. Mortgage Gym says it will provide users with a hybrid robo-/ live-advice portal as 57% of mortgage applicants state they want to speak with a live broker about their application.
John Ingram, CEO and founder of Mortgage Gym, said: “Following tighter regulation of the mortgage market in 2014, we realised the UK’s mortgage application process is archaic, inaccurate, time-consuming and ripe for disruption from a holistic, online solution. The mortgage industry in the UK is one of the last bastions of the financial services industry to still operate via paper files and telephone-based advice.
“By creating the world’s first, regulated mortgage robo-adviser, we aim to remove the guesswork, frustration and stress for homebuyers from one of the most important financial transactions in their life. For brokers, we believe our digital network will empower them to develop their own business with a steady stream of high-quality, prequalified clients without the burden of endless back-office compliance.”
