Moneybox Mortgage Advice will sit within the app and generate a 'Mortgage In Principle' through a few simple steps. A dedicated team of mortgage advisers will offer free, impartial and unobligated advice over the phone or via in-app chat to help customers find the mortgage that’s best suited for them and their individual needs.
Moneybox has announced that it is paying advisers a set salary rather than commission.
To ensure a broad offering to customers, Moneybox is working with Mortgage Advice Bureau, which provides access to over 12,000 mortgage products from 90 different lenders.
The service will be available to first-time buyers, next-time buyers and those looking to remortgage, and customers can track their progress in the app throughout the process.
Launched in 2016, Moneybox now has over £1bn in assets, a community of more than 500,000 customers and a team of over 200 people.
Ben Stanway, co-founder of Moneybox, said: “We are on a mission to help everyone save and invest for their future, and for many, that future includes home ownership.
“We are already helping hundreds of thousands of people save for their first homes, but we’re aware that the home-buying journey goes far beyond saving up for a deposit. Finding the right mortgage can be a stressful, time-consuming and expensive process, and we want to change that. We want to give people the tools and information they need to save for a deposit, and then the qualified advice to help them make an informed decision on what the right mortgage is for them. By offering customers everything they need in one user-friendly service, we want to bring the joy back to home-buying.”
Sania Kudaibergen, head of mortgages at Moneybox, added: “Buying a home should be one of the most exciting moments in people’s lives, but too often the process is fraught with worry and confusion, and people can end up with mortgages that aren’t right for them. We want to streamline the mortgage application process, and have built a team of experienced advisers who pride themselves on offering free and qualified advice whenever you need it in your savings journey. To help customers find the mortgage that fits their individual needs we’re excited to be working with the UK's leading mortgage intermediary brand Mortgage Advice Bureau."
Peter Brodnicki, CEO of Mortgage Advice Bureau, commented: “We’re delighted to be working with Moneybox, which is a very well-respected customer first brand in the personal finance space. Whilst helping prospective first time buyers save for their deposit, their app and digital tools support savers to become mortgage and purchase ready. Moneybox customers will now gain access to experienced advisers who will help them secure a mortgage which best meets their needs from the many 1,000s of options available. Investing in future first-time buyers in this way is hugely important, as saving for the deposit is only one of many considerations when planning your first purchase.”
