Mortgy, a new online mortgage broker in the UK aims to make applying for a mortgage easier than ever.
The start-up which claims to review 1000s of mortgage products from nearly 100 lenders also says it can reduce the waiting time to review your mortgage from weeks to minutes.
Cirencester-based mortgage adviser and founder of Mortgy Danny Matthews said: “In 2016, seeing a bank to review your mortgage means you’re waiting an average of 2-3 weeks with a process which is paper intensive and time consuming, there’s a big issue to be solved.”
“Technology has taken far too long mature into financial services and I have seen very little change to the industry in the last ten years. The mortgage market is ripe for innovation and it makes sense that a mortgage adviser should seize the opportunity to bring this to the public and make a difference.”
The Competitions and Markets Authority (CMA) recently told banks that they must go digital in the next two years or face repercussions which Danny thinks will be either the ‘nail in the coffin’ or ‘the penny dropping’ for some banks in the UK.
Mortgy is a free service, funded from the founder’s own sources and has no external investors. The company aim to grow organically by educating consumers on handling their money in a smarter way. “We have plans to be everywhere online” Danny explained.
“We aim to educate our customers through YouTube, Facebook, Twitter and our Blog because that’s how and where consumers want to communicate and having no external investor’s means we have the economic strength and flexibility to adapt quickly to consumer behaviours. This type of content not only promotes transparency but it also helps us to connect to our customers in a more personal way.”
It has been estimated that £57million is lost every day in the UK as a result of mortgage holders sitting on the bank’s Standard Variable Rate, with a third of borrowers not even knowing what interest rate they are paying.
Mortgy makes it simple to find out what you could borrow in seconds and then guides you through a full application in around 30 minutes.
Due to launch in the new year you can sign up to know when they launch and receive two free guides; one for First Time Buyers and one for Homeowners. Visit meetmortgy.co.uk for more.
Pictured above: Mortgy founder Danny Matthews