Saving and investing app Moneybox has entered the mortgage advice market with a soft launch for a pool of existing customers.
The fintech has launched a beta version of its mortgage advice service, which is integrated within the app and enables customers to receive a decision in principle on their mobile phone.
The app’s advice is offered by Moneybox Mortgages, which is an appointed representative of Mortgage Advice Bureau.
According to Moneybox, mortgage advisers will offer free and impartial advice over the phone or via chat within the app, and are paid a set salary rather than through commission.
The service is currently available to a pool of existing customers before a wider roll out over the next few months. It will be available to first-time buyers, next-time buyers and those looking to remortgage.
Ben Stanway, co-founder of Moneybox, said: “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.”
According to Moneybox, a December survey of 3,200 of its customers found nearly all (99 per cent) of those looking to buy a home were planning to do so with a mortgage, but over half (54 per cent) did not know what type of mortgage to apply for.
Additionally, three in 10 (28 per cent) said receiving qualified advice was important to them.
Moneybox launched in 2016 and offers a range of saving and investment products, including stocks and shares and Lifetime ISAs.
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