MortgageGym.com, the world’s first digital mortgage robo-adviser, announces an investment from GoCompare, the financial services comparison website.
MortgageGym allows UK homebuyers to complete their entire application online in 15 minutes through a free, digital mortgage marketplace, offering eligibility matching within 60 seconds, regulated robo-advice and access to live advisers.
MortgageGym, in partnership with GoCompare and Experian, will provide consumers with access to a first-of-its-kind digital mortgage marketplace providing an end-to-end online solution that promises to transform the UK’s out-of-date mortgage application process. The company’s website will be the only online service that provides mortgage customers with free access to digital mortgage advice with real-time lender eligibility and affordability matching.
MortgageGym reduces friction points for consumers which, by some estimates, drive over 53% of consumers to abandon the application process before completion. MortgageGym provides applicants with peace of mind by advising them on mortgages that they can realistically get given strict affordability criteria now in place.
MortgageGym previously announced investments worth £2.5m from technology investors Gaby Salem, China Pacific Capital, Trifecta Capital, and former Deutsche Bank Chief Operating Officer, Henry Ritchotte.
John Ingram, founder and CEO of MortgageGym, said: “There is an overdue need for an end-to-end digital solution to change the distribution landscape of the UK’s mortgage market. This significant commitment from GoCompare ensures that MortgageGym will be able to drive that transformation with one of the UK’s leading financial services comparison websites.
“GoCompare has brought transparency for consumers when researching other financial services products. Consumers deserve that same transparency, ease and clarity in accessing mortgages. MortgageGym does just that in real-time, by matching consumers with lenders and products that they can afford.”
Matthew Crummack, CEO of GoCompare, said: “We are thrilled to announce this investment in MortgageGym who, like us, put consumers’ needs at the heart of everything that they do.
“The mortgage industry in the UK is one of the last bastions of financial services to be disrupted by a digital solution. We look forward to being able to offer our customers transparent and rapid access to mortgage advice through our partnership with MortgageGym.”