The process is being trialled with 2,000 customers to begin with on like-for-like borrowing terms, but is expected to be expanded to additional borrowing by the end of the year.
Mojo Mortgages chief product officer Eddie Ross told Mortgage Solutions the application programming interface (API) integration meant it could vastly reduce the fact find time to 30 minutes.
“Because we can access their Monzo bank account details we can get the full fact find information by only having to ask 11 or 12 additional questions to then find suitable mortgage product,” he said.
All this can be completed inside the bank’s app and customers are then offered the option to book an advice call with a Mojo broker.
Ross continued: “The plan is a smaller trial first to target remortgage customers – those with mortgage and credit worthiness and transaction history, and also like-for-like borrowing.
“It’s a simpler but broad sector of the market and we then plan to expand that to offer additional borrowing in Q4.
“Once we’ve done all the remortgaging market we will then move into new purchases.”
Lack of Open Banking uptake
Mojo has made it clear that it intends to use Open Banking as much as possible but the market has not responded as fast as it would like.
“We are working with a couple of other partners to establish if customers would be suitable,” he said.
“I am really keen to get Open Banking as a core centre of our proposition, but there’s not been a massive use or uptake from lenders.
“So we have gone ahead without that and just implemented with Monzo,” he added.
