Online mortgage broker Mojo trials integration with Monzo
Online mortgage broker Mojo Mortgages is testing a new feature with app-based bank Monzo Bank ? to help homeowners find competitive remortgage deals.
Users of the Monzo app looking to remortgage can compare personalised mortgage deals and book an advice call with one of Mojo’s mortgage experts from Monzo’s app.
Suitable mortgage deals are shown to the customer after a series of questions and the full process is said to take 30 minutes.
The service is currently being tested, and has been rolled out in a limited trial to 2,000 customers.
“The way people get mortgages is changing and customers expect more than a basic best buy comparison experience,” explained Richard Hayes, CEO and co-founder of Mojo.
“We believe advice is a key part of the process and our hybrid broker/technology proposition means businesses like Monzo can offer their customers a truly end-to-end mortgage journey.”
Eddie Ross, Chief Product Officer of Mojo, added: “By utilising our partnership APIs, Monzo can offer their customers a fully extensive range of personalised deals and access to free real-time mortgage advice all from within the Monzo app”.
“There’s nothing else like it in the market and we expect to set a new benchmark in terms of what customers expect from a mortgage experience.”
Earlier this year Mojo Mortgages secured £7m in a Series A funding round, and to date claims to have saved its customers £4m in brokers fees.
It is the latest in an increasing array of financial products which are incorporated into the accounts of UK app-based banking services.
Personal finance app Money Dashboard has previously integrated with Monzo to offer its budgeting tools.