What is MortgageGym?
MortgageGym is one of a handful of online mortgage brokers that has entered the online mortgage market in recent years. The idea is to simplify the mortgage application process by moving it online and minimising the amount of paperwork and legwork required. The main differentiator from its competitors is the way in which MortgageGym partners with credit reference agency Experian by completing an eligibility check at the start of the mortgage application process. This is similar in feel to what you find on comparison sites for loans and credit cards, with certain lenders and deals selected based on your credit score. This is then followed by a more in-depth assessment process should you wish to proceed further with your mortgage enquiry.
MortgageGym's selling point, in common with rivals such as Habito, Trussle and Mojo Mortgages, is the fact it can be accessed 24 hours a day, 7 days a week and is perhaps easier and more convenient than a traditional mortgage broker. It's certainly a business model that's gaining traction, with a growing number of customers opting to source and apply for a mortgage through an online broker. In this independent review, we provide an overview of what MortgageGym offers, its advantages and disadvantages and how it compares with other companies in this space.
MortgageGym key features
- Online mortgage broker giving access to deals from around 50 lenders, including specialist lenders
- Initial application using an online questionnaire, which is then followed by direct communication with a qualified mortgage broker, who will initially source the best mortgage deal and then apply on behalf of the customer
- Works with Experian to provide initial "live deals" based on your credit score
- In the future, it plans to automate the review process, alerting customers when there are better deals to be had, helping them to save money
- Paperless system - you can upload documents and track the progress of your application online
How does MortgageGym work?
There are four main stages to the MortgageGym process, which takes the user from getting an initial idea of the types of deals they can get, through to applying for a specific mortgage product with a lender that has been selected for them with the help of a qualified mortgage adviser:
MortgageGym live mortgage deals
The first step promises to provide you with "live deals" from a selection of mortgage lenders who are matched to you based on your Experian credit score. MortgageGym claims this takes as little as 60 seconds, with the user answering a series of basic questions on the type of mortgage they require, the estimated value of the property, the deposit available and their income. In addition, personal details, including date of birth and address are taken to enable MortgageGym to locate your Experian credit report and score.
MortgageGym runs a "soft search" on your Experian credit file, which contains information on your financial history and helps lenders assess your creditworthiness. This search won't leave a mark on your credit file and won't affect your credit score. Based on this information, you are presented with headline deals from lenders who are likely to approve your application because you match their lending criteria. However, as this stage of the process is quite broad and it certainly doesn't provide a guarantee that you will be approved for the deals presented to you. This will be assessed more thoroughly once you have provided more detailed information about your circumstances.
Create a MortgageGym profile
The next step is to fill out more detailed information about your requirements on your online profile, including your salary, existing financial commitments and the kind of mortgage you are looking for. You are then provided with more tailored recommendations for mortgage deals that suit your needs and for which you are likely to be approved.
This profile becomes the hub for the application process, allowing you to keep track as it progresses, as well as being the place where you upload any supporting documents that need to be passed on to the lender.
Speak to a mortgage adviser
A key part of the process is speaking with a mortgage adviser, which you can arrange to do at a time that suits you. He or she will be able to give you further guidance on picking the best mortgage deal and talk you through the nuances of the full application process, which is particularly helpful if you have a more complicated case. Once you have decided the deal you want to go for, the mortgage adviser will put the wheels in motion to make the full application, which will involve a full credit check. Depending on the lender, this could be with Experian or one or more of the other credit reference agencies, Equifax and TransUnion. This check will leave a footprint on your credit file and could impact your credit score.
Complete your mortgage application
You may need to provide supplementary information to the mortgage lender, as well as upload supporting documentation to your MortgageGym profile. You will be updated on the progress of your application online and can contact your mortgage adviser during the process.
How much does MortgageGym cost?
MortgageGym is completely free for the end-user as the company is remunerated by the lenders. When you take out a mortgage product that has been recommended to you by MortgageGym, it will earn a procuration fee from the lender.
There could, however, be other charges associated with your mortgage. Many mortgages come with a lender fee, which could be anything up to £2,000. Your mortgage adviser will let you know at the beginning of the process whether the deal you are interested in incurs a fee and you will have the choice as to whether you prefer to pay it upfront or add it to your mortgage.
Which lenders does MortgageGym work with?
MortgageGym states it provides deals from “more than 50 lenders”, which means it offers thousands of deals, including those from big names such as Nationwide, Halifax and Barclays. It also works with a number of specialist lenders, who are more likely to accept those with less-than-perfect credit scores.
In terms of how it compares with its competitors, Habito, Trussle and Mojo Mortgages say they work with between 70-90 lenders, which arguably gives them a slightly broader reach than Mortgage Gym.
MortgageGym customer reviews
According to independent review site Trustpilot, MortgageGym scores 4.7 out of 5.0, based on more than 200 reviews. Overall, 90% of reviewers categorised it as “excellent”, with only 5% claiming it was “bad”.
Of the “excellent” reviews, the main focus was on customer service, with many of the mortgage advisers singled out individually for praise. However, customer service also featured in the handful of bad reviews, with complaints about delays in the mortgage adviser contacting the customer or issues with progressing the mortgage application.
MortgageGym pros and cons
- Easy and convenient online service that could appeal to those who want to find and apply for a mortgage as efficiently as possible
- Works with your Experian credit report to give you an idea very quickly as to which lenders are likely to approve your mortgage application and the sort of deal you can get
- An online system makes it easy to track the progress of your application and because you can upload documentation, it removes the need for extra paperwork
- It doesn't work with as many lenders as, say, Habito or Mojo Mortgages. That said, it still offers deals from more than 50 lenders, so it should still give customers a good level of choice
- Although it states it will aim to help as many people as possible, it may not be suitable if you have a very complicated case. In that case, you may benefit from using a traditional mortgage broker who can access lenders with more flexibility to their underwriting process.
Alternatives to MortgageGym
Habito* is both a mortgage broker and mortgage lender, with a range of long-term fixed rate mortgages, including a 40-year fixed rate product. The core of its business is as an online broker, offering independent, whole-of-market advice, working with up to 90 lenders. It offers customers a way to source mortgages quickly and easily for free. For more information, read our Habito review.
Trussle provides access to around 12,000 mortgage deals from 90 lenders. Its focus is on speed and efficiency and, to that end, it is currently promising users a mortgage decision within 5 days, or it will pay them £100. For a full, impartial overview, read our Trussle review.
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