First FCA regulated mortgage robo-adviser to launch

Mortgage Gym, a free online portal combining robo and live-broker advice, has announced its launch in the coming months.

Related topics:  Mortgages
Rozi Jones
4th April 2017
Social media business tech
"For brokers, we believe our digital network will empower them to develop their own business with a steady stream of high-quality, prequalified clients"

Mortgage Gym says it is currently the only FCA regulated mortgage robo-adviser and will allow homebuyers to complete their mortgage application in 15 minutes.

Mortgage Gym will also offer a digital mortgage network for brokers, allowing them to acquire customers independently, operate a paperless business and remain compliant under MMR.

The online portal is fully integrated with consumer credit files provided in partnership with Experian, therefore solving 95% of the back-office compliance brokers need to complete.

Mortgage Gym claims it can give a detailed insight into the mortgages consumers can realistically afford within 60 seconds based on live affordability searches from 12 of the top 20 lenders.

It then 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.

It will also offer whole-of-market overview of the rates on offer covering 90% of the mortgage market, updating 15,000 mortgage products four times daily.

The firm says it decided to provide users with a hybrid robo/live-advice portal after research found 57% of mortgage applicants 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.”

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