Fintech app Snoop has partnered with online broker, Mojo Mortgages, to help get first time buyers on the housing ladder and save existing homeowners thousands of pounds.
The Mojo Mortgage customer journey will be integrated within the Snoop app and will give users full access to Mojo’s mortgage advisers.
Combined with Snoop’s artificial intelligence, which can pinpoint exactly the right time to remortgage, homeowners can expect to save between £2,400 - £4,800 per year, according to recent research by the broker.
John Natalizia, CEO and Co-founder at Snoop said: "Our aim with this partnership is to help first time buyers, home movers and homeowners get the very best mortgage deal for their circumstances. By combining our technology, we’re looking to develop Snoop and Mojo into the market-leading model for finding a mortgage in the UK.”
Richard Hayes, CEO and Co-Founder of Mojo Mortgages, said: "This partnership shows we won't stop until everyone feels more confident about their mortgage options - whether that's helping you achieve your homeownership dream, or helping you save a few hundred quid a month.
There’s no doubt times are tough right now with some lenders limiting high loan-to-value mortgages, but this partnership helps to fight that - it not only makes you more aware of your financial situation, but crucially shows you the options that are still available to you - options many people may be totally unaware of. Plus, you get access to free, expert advice at the click of a few buttons.
We're pleased we can announce this at somewhat of a watershed moment in the mortgage industry as many in the UK move online to sort their mortgages. This innovation adds a further layer of transparency, personalisation and sheer ease of use with the addition of Snoop's open banking."
As well as giving a complete view of a customers’ finances through the latest open banking technology, Snoop uses artificial intelligence to provide data-driven, personalised insights (‘Snoops’) to help consumers pinpoint their biggest money saving opportunities based on their overall financial situation - bills and spending. The average household could save around £1,500 per year1.
Led by Dame Jayne-Anne Gadhia, Snoop launched in April 2020. Since then the app has been downloaded over 150,000 times as consumers seek to make more of their money in the face of tough and uncertain economic conditions.
In September 2020 Snoop was named one of Europe’s top 50 financial technology companies in the Fintech50, ranked 5th in BusinessCloud’s 100 Fintech Disrupters list and topped their East of England Tech 50.
Mojo Mortgages was set up in 2018 by Richard Hayes and Nick Sherratt. The company, which is based just outside of Manchester, has helped more than 75,000 customers and saved them collectively £37.5m in broker fees. Mojo uses an algorithm to match the specific needs of customers against more than 20,000 mortgage products to find the right one for them.