"We have carefully chosen investors that not only bring funds, but invaluable, symbiotic business models and expertise. "
MortgageGym has also partnered with the LSL broker networks – which, at the end of 2017, had around 2,298 mortgage advisers and annual lending of £21bn.
The FCA regulated robo-adviser allows homebuyers to complete their mortgage application online in 15 minutes through a free advice website offering mortgage eligibility matching within 60 seconds, regulated robo-advice and access to live advisers.
The investment sees the promotion of chief commercial officer Jeremy Moll to managing director. Jeremy has over 28 years of experience in the UK mortgage and insurance industries and was part of the senior team that created CompareTheMarket and latterly BeagleStreet.
John Ingram, co-founder of MortgageGym, said: “Our funding round, strategic partnerships and continuing unique proposition put us in a strong position to truly revolutionise the UK mortgage market. Other digital mortgage platforms are constrained by their aim to organically grow their customer-base and build broker support at the same time, while our compelling fusion of ‘bricks and clicks’ will allow us to rapidly alleviate homebuyers of the uncertainty and stress of mortgage applications on a national scale.
“We have carefully chosen investors that not only bring funds, but invaluable, symbiotic business models and expertise. As a result, we do not need to invest in costly customer acquisition or building a broker-base. This places us in a much stronger position than our peers as it allows us to invest the new capital in improving our technology – thereby improving customers’ choices. We are thrilled that the business will benefit from the new investment and we are delighted that Jeremy has been promoted to the company’s managing director during this exciting time. The UK mortgage market is poised for digital revolution, and we are here to drive it.”
