Digital mortgage adviser MortgageGym has received an investment from GoCompare.
The two companies have not disclosed the amount invested nor what size stake GoCompare now has in MortgageGym.
MortgageGym previously received investments worth £2.5m from investors including Gaby Salem, China Pacific Capital, Trifecta Capital, and former Deutsche Bank chief operating officer Henry Ritchotte.
John Ingram, founder and chief executive of MortgageGym, said: “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.
“GoCompare has brought transparency for consumers when researching other financial services products.
“Consumers deserve that same transparency, ease and clarity in accessing mortgages. MortgageGym does just that in real-time, by matching consumers with lenders and products that they can afford.”
MortgageGym boast that it allows homebuyers to complete their application online in 15 minutes through a free, digital mortgage marketplace, offering eligibility matching within 60 seconds, regulated robo-advice and access to live advisers.
It claims its website will be the only online service that provides mortgage customers with free access to digital mortgage advice with real-time lender eligibility and affordability matching.
Matthew Crummack, chief executive of GoCompare, said: “We are thrilled to announce this investment in MortgageGym who, like us, put consumers’ needs at the heart of everything that they do.
“The mortgage industry in the UK is one of the last bastions of financial services to be disrupted by a digital solution.
“We look forward to being able to offer our customers transparent and rapid access to mortgage advice through our partnership with MortgageGym.”
damian.fantato@ft.com
