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that, working in partnership with GoCompare and Experian, its end-to-end solution for consumers will transform the UK鈥檚 out-of-date mortgage application process.
MortgageGym previously announced investments聽worth 拢2.5m from technology investors Gaby Salem, China Pacific Capital, Trifecta Capital, and former Deutsche Bank chief operating officer, Henry Ritchotte.
鈥淭here is an overdue need for an end-to-end digital solution to change the distribution landscape of the UK鈥檚 mortgage market,鈥� said John Ingram, founder and CEO of MortgageGym.
鈥淭his significant commitment from GoCompare ensures that MortgageGym will be able to drive that transformation with one of the UK鈥檚 leading financial services comparison websites.
鈥淕oCompare has brought transparency for consumers when researching other financial services products. Consumers deserve that same transparency, ease and clarity in accessing mortgages.
鈥淢ortgageGym does just that in real-time, by matching consumers with lenders and products that they can afford.鈥�
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: 鈥淲e are thrilled to announce this investment in MortgageGym who, like us, put consumers鈥� needs at the heart of everything that they do.
鈥淭he mortgage industry in the UK is one of the last bastions of financial services to be disrupted by a digital solution.
鈥淲e look forward to being able to offer our customers transparent and rapid access to mortgage advice through our partnership with MortgageGym.鈥�