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Payments General

MortgageGym announces open banking service

Wednesday 17 April 2019 | 11:35 AM CET

MortgageGym has announced that is set to launch an open banking service in the summer of 2019.

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.

The company, which is a regulated robo-adviser, says 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. The service allows a potential borrower to complete the entire application process in 15 minutes through an online portal.

More: Link
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