The chief executive of what is claimed to be the only fully regulated mortgage robo-adviser has set his sights on attracting highly-qualified IFAs back into mortgage advice.
MortgageGym.com will be launched in the UK in the coming months, allowing UK homebuyers to complete their mortgage application online in 15 minutes through a free, online portal combining robo- and live-broker advice.
Chief executive John Ingram told New Model Adviser®: 'We have seen since the mortgage market review (MMR) in 2014, a lot of highly qualified IFAs focusing on offering advice on pensions, investments and the more holistic process of financial planning, which has forced mortgage advice into less experienced hands.
'Many advisers and consumers cite the greater compliance burden and excessive paperwork involved as a reason for avoiding mortgages, but Mortgage Gym bypasses all that, and would allow more qualified and experienced IFAs the opportunity to offer initial mortgage advice with none of the hassle of collecting data. This could then lead into their more holistic financial planning offering.'
Ingram claims Mortgage Gym is the world's first digital mortgage network, enabling brokers to operate a paperless business while remaining MMR compliant. The online portal is fully integrated with consumer credit files due to a partnership with information services firm Experian.
The MMR placed 'stress-tests' on homebuyers during the application process. The robo firms said it provides a detailed insight into mortgages the client can realistically afford within 60 seconds, based on live searches from 12 of the UK's top 20 lenders.
It also conducts a 'soft-search' of an applicant's credit file and cross references it with lenders' scorecards to ascertain the best rates.
Applicants can upload images of all documents online which can be dynamically read and instantly verified electronically, removing the need for physical copies.
Mortgage Gym said it covers 90% of the mortgage market and claims it is able to highlight mortgages accessible to the applicant based on algorithmic assessments of their financial information. It then provides access to final face to face advice from brokers, which can be rated by homebuyers via consumer review site Trustpilot.