Moneybox’s team of mortgage advisers will work as appointed representatives of MAB under the brand Moneybox Mortgages, giving them access to the network’s panel of 90 lenders.
The advisers will be paid a salary, not commission, which Moneybox said would remove product-linked incentives.
The trial version of Moneybox Mortgage Advice will be available initially to certain groups of app users letting them generate a decision in principle using their phone.
Advice will be given to first-time buyers, home movers and those remortgaging – over the phone or through in-app chat.
Customers can use the app’s existing financial products, such as Home-buying Calculator and Time Machine, to track savings and know when they have enough for a deposit.
Information about the home-buying process and how best to save for a deposit will be offered alongside the new service.
Moneybox Mortgages will be offered to all users of the app later this year.
Ben Stanway, co-founder of Moneybox, said: “We want to give people the tools and information they need to save for a deposit, and then the qualified advice to help them make an informed decision on what the right mortgage is for them.
“By offering customers everything they need in one user-friendly service, we want to bring the joy back to home buying,” said.
Peter Brodnicki, CEO of Mortgage Advice Bureau, said: “We’re delighted to be working with Moneybox, which is a very well-respected, customer-first personal finance brand.
“Moneybox customers will now gain access to experienced advisers who will help them to secure a mortgage which best meets their needs – from the many thousands of options available. Investing in future first-time buyers in this way is hugely important, because saving for a deposit is only one of many considerations when planning your first purchase.”
