UK startup to enable homebuyers complete a mortgage application paper-free

Tuesday 16 April 2019 10:43 CET | News

MortgageGym, a UK-based startup, is using Open Banking to remove all paper-based background checks from the mortgage application process.

The startup is preparing to launch the new technology through their ‘robo-advisor’ facility that would allow UK homebuyers to complete an entire mortgage application within 15 minutes. The technology analyses borrowers’ spending patterns directly from their bank and reference them against the credit file held at Experian.

The technology analyses a number of data points through Open Banking to enable it to return deals. These include both regular and irregular income, necessary committed expenditure such as rent or existing mortgage payments, non-necessary committed expenditure such as mobile phone contracts, and lifestyle expenditure.

MortgageGym says it then runs the application past the scorecards of 65 per cent of the top 20 mortgage lenders in the UK, returning only deals that the borrower can afford, according to online publication Prolific London.

Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Open Banking, MortgageGym, robo advisor, paperless, mortgage, UK, credit file, data points
Countries: World

Industry Events