GoCompare invests in robo-adviser MortgageGym
Mortgage robo-adviser MortgageGym.com has secured investment from financial services comparison website GoCompare.
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.
The firm claims that, working in partnership with GoCompare and Experian, its end-to-end solution for consumers will transform the UK’s out-of-date mortgage application process.
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.
“There is an overdue need for an end-to-end digital solution to change the distribution landscape of the UK’s mortgage market,” said John Ingram, founder and CEO of MortgageGym.
“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.”
MortgageGym says it reduces friction points for consumers which, by some estimates, drive over 53 per cent of them to abandon the application process before completion.
It also provides applicants with peace of mind by advising them on mortgages that they can realistically get given strict affordability criteria now in place.
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.”