The FCA-authorised service will allow homebuyers to complete their mortgage application online through a free, hybrid advice website offering mortgage eligibility matching, regulated robo-advice and access to live advisors.
MortgageGym has raised over £1.3m in cash and the balance in technology development finance through deals with three seasoned fintech investors; Gaby Salem, of Wharton Asset Management; China Pacific Capital, a Hong Kong based venture capital fund; and venture capital firm Trifecta Capital.
Following the success of this seed funding round, MortgageGym expects to announce its strategic distribution partnerships within the next three months.
John Ingram, CEO and founder of MortgageGym, said:
“We are thrilled to have secured such a significant vote of confidence in MortgageGym’s proposition from well-respected investors.
“MortgageGym is committed to revolutionising the mortgage market through a whole-of-market, digital, free and accurate application process, which is the first of its kind. We will provide mortgage applicants with peace of mind by advising them on mortgages they can realistically attain based on the strict affordability grounds laid out in the FCA’s Mortgage Market Review.”
