Mortgage Gym, the world’s first regulated mortgage robo-adviser, is launching in the UK with a view to speeding up the loan application process, by connecting customers to brokers and banks within 60 seconds.
The new website, which allows consumers to complete their mortgage application entirely online in 15 minutes, enables customers to upload documents digitally by taking a photo, and then draws from Experian’s credit files to select the most appropriate mortgage options available.
Customers are then provided with free instant online access to a broker who can advise on the chosen deal before the application is submitted.
John Ingram, founder and chief executive of Mortgage Gym, believes that the new FCA authorised service will be a success in the UK, thanks in part to the significant reduction in the amount of paperwork required as part of the mortgage process, which he describes as “archaic, inaccurate, time-consuming and ripe for disruption”.
Ingram said: “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.”