The mortgage advisor is dead? All hail the mortgage advisor!
Now that the robots are really starting to take our jobs, will anybody mourn the loss of the mortgage advisor?
They have been known to ruffle the odd feather, but anyone who has had to face those spine-tingling moments between exchange and completion may ultimately have been grateful not to have had to go it alone.
We’re not quite there yet anyway, but one London startup is out to automate the boring bits and take you straight to the mortgage deal that’s right for you.
MortgageGym is a London based, FCA authorised service that is “set to change the nature of mortgage advice in the UK”.
The startup provides regulated robo-advice from a free, hybrid advice website that offers “mortgage eligibility matching within 60 seconds”?
The company have announced the raising of a £2m seed round ahead of the launch of their disruptive legal-tech product this summer.
A large chunk of the funds are coming from three “seasoned fintech investors”, namely Gaby Salem, of Wharton Asset Management, China Pacific Capital, the Hong Kong based VC, and structured finance provider for emerging technologies, Trifecta Capital.
Says CEO and founder John Ingram;
“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.”
“MortgageGym is committed to revolutionising the mortgage market through a whole-of-market, digital, free and accurate application process.”
The startup has partnered with Experian, and say they are “fully integrated with users’ credit files and the credit risk scorecards of 12 of the top 20 mortgage lenders in the UK”, hence the speed and skill of the AI’s eligibility matching and mortgage affordability advice.”
Mortgage Gym is also planning to become the “world’s first digital mortgage network” empowering brokers to “acquire customers independently, operate a paperless business and remain MMR-compliant” through a separate professional portal it will launch concurrently called MortgageGym Pro.
Which is ultimately good news, because a good mortgage broker with all your information at their fingertips is worth their weight in sunny views facing south – a bad one who left your signed contracts on the 242 bus last night on his way back from 333 Bar – not so much.
MortgageGym, founded in 2016 by John Ingram and David Vertannes also provides access to live advisors, so if you do like to get up close and personal with your mortgage guy, and many of us do, the option is still there.
Ah, the human touch!
Prospective home-owners, MortgageGym may well be worth keeping your eye on.