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Digital broker targets 10% of market with automated advice service

by: Edward Murray
  • 03/04/2017
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Digital broker targets 10% of market with automated advice service
A mortgage broker claiming to be the first to offer fully-regulated automated finance advice is set to launch in the coming months with ambitious targets to grab market share with its service.

Within three years, Mortgage Gym aims to secure the business of 10% of all UK mortgage consumers, through its website and distribution channel partnerships.

The company claims it will be able to provide borrowers with a detailed insight into the mortgages they can afford within 60 seconds based on live affordability searches from 12 lenders in the market. The firm has not yet announced who these lenders are. It says UK homebuyers will be able to complete their mortgage application online in 15 minutes.

John Ingram, CEO and founder of Mortgage Gym, said: “Mortgage Gym has been designed to meet the needs of all demographics of UK mortgage applicants, including first-time buyers, home movers, and re-mortgages. We have not yet integrated products for the buy-to-let market. Our platform gives consumers access both to prime and non-prime lenders’ products.”

The broker will do a ‘soft-search’ of an applicant’s Experian credit file and match it to lenders’ internal scorecards, then it cross references this with best-rate tables.

As part of the process, borrowers can upload images of their application documents which will be electronically verified.

The firm says the rates it offers cover 90% of the mortgage market and that it updates the details of around 15,000 products four times a day.

Once the best rates have been identified for a particular borrower, the firm provides access to a broker who, in turn, is rated by homebuyers via Trustpilot.

As the online portal is fully integrated with consumer credit files provided in official partnership with Experian, Mortgage Gym believes it can solve the vast majority of the back-office compliance brokers need to complete. It believes this will allow brokers to focus on mediating contracts between applicants and lenders, monitoring the offer and ensuring it is enacted efficiently.

Ingram said: “Mortgage Gym is the only portal to receive FCA approval to give financial advice, as opposed to information, to consumers looking for a mortgage.”

 

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