MortgageGym eyes summer launch for open banking service

MortgageGym is set to launch an open banking service in the summer.

The technology will assist mortgage applicants in skipping all paper-based background checks, and ensure potential borrowers only receive information on mortgage deals they can afford, according to the firm.

The adviser adds that it will be the first to combine open banking, credit file searches and banks’ internal lending criteria.

The platform accesses each potential borrower’s spending patterns over the last 12 months, splitting the applicant’s spending into five categories – regular income, irregular income, necessary committed expenditure, non-necessary committed expenditure, and lifestyle expenditure.

According to MortgageGym, the service allows a potential borrower to complete the entire application process in 15 minutes through an online portal.

MortgageGym co-founder John Ingram comments: “We are the only digital mortgage platform that has bank-by-bank eligibility, credit score insights and open banking.

“Our categorisation engine will be able to tell that an engagement ring is a non-recurring discretionary expenditure and, even though the ensuing celebrations may have been prolonged, they were not on-going throughout the year.

“As we all need to be assessed when applying for a mortgage, as it is a regulatory requirement, who would not want to forgo the annoying explanations and antiquated form-filling?”

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