Apply for a loan in less than 15 minutes

A mortgage “robo-adviser” is teaming up with some of the UK’s high street banks to speed up the loan application process for homebuyers.

Mortgage Gym, a free online portal combining robo and live-broker advice, claims it will help customers to complete their mortgage application within 15 minutes.

Working in partnership with at least 12 lenders and Experian, the credit rating agency, Mortgage Gym will conduct a “soft search” of an applicant’s Experian credit file and match it to lenders’ internal scorecards. It will cross-reference this information with the best rate tables to highlight the most accessible deals for each customer, and provide them with instant online access to a broker for advice. Customers will be able to upload images of their application documents.

The portal has been authorised by the Financial Conduct Authority and is expected to launch in the summer.

John Ingram, the chief executive and founder of Mortgage Gym, says that the UK’s mortgage application process is “archaic and time-consuming” and “ripe for disruption”.

Mortgage Gym is part of a wider digital revolution in the industry. In recent years several brokers have been working towards automating the application process. Trussle became the UK’s first online mortgage broker when it launched in 2015, and others, such as Habito, have since emerged.

Ishaan Malhi, the chief executive and founder of Trussle, says that the mortgage industry has been slow to adopt technology, but that is changing.

“New start-ups are transforming the mortgage process, from valuations to conveyancing. Larger companies have begun to notice the value these start-ups have created, and we’ve seen an increasing number of partnerships. Trussle’s partnership with Zoopla is an example, helping buyers find and finance their new home in one seamless online process,” Mr Malhi says.