Comparison site GoCompare invests in mortgage robo-adviser

The partnership will give users access to the first online mortgage marketplace in the UK.

Financial comparison site GoCompare is hoping to transform the UK’s mortgage application process by investing in MortgageGym, a digital mortgage robo-adviser.

Users can complete a free application within 15 minutes on MortgageGym and receive matches within 60 seconds, as well as robo advice and access to live advisers. The website will use automated algorithms to match applicants with the best mortgage providers.

“The mortgage industry in the UK is one of the last bastions of financial services to be disrupted by a digital solution,” said Matthew Crummack, CEO of GoCompare.

John Ingram, founder and CEO of MortgageGym, said consumers should get the same transparency in mortgage lending as they do in other financial services.

“There is an overdue need for an end-to-end digital solution to change the distribution landscape of the UK’s mortgage market. 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,” he said.

MortgageGym is planning to launch this summer and has already raised £2.5m in investments from technology investors Gaby Salem, China Pacific Capital, Trifecta Capital, and former Deutsche Bank Chief Operating Officer, Henry Ritchotte.

This article first appeared on www.RoboAdviceNews.com