Multiply AI, the UK’s first fully-automated financial adviser app, has announced it has partnered with digital mortgage broker Mojo to provide the first end-to-end digital advice app free of charge for first-time home buyers…
Leveraging the power of deep learning AI, the app provides holistic financial advice for those who cannot afford to see a traditional face-to-face advisor. The free-to-use online service helps people save up to buy their first home, providing tailored recommendations to help grow their wealth, and then offers the best mortgage deals in a fast and transparent way. The process is simple and easy to use, and customers get the investment support they need in a matter of minutes.
Multiply AI also provides an achievable pathway to get on the property ladder by launching access to a market-leading Lifetime ISA (LISA). This comes as many help-to-buy ISAs are closed to new applicants and most first-time buyers have been stalled due to lockdown measures.
Vivek Madlani, CEO of Multiply AI, said: “Our partnership with Mojo will help homebuyers from the point at which they decide to start saving their deposit, all the way to getting their keys.
“Mojo shares our ambition to democratise access to financial advice and remove key barriers to entry for first-time home buyers – namely financial knowledge to saving and getting the right mortgage. Together we are delivering a complete online experience that is easy to understand, cost-effective, fast and transparent.
“Multiply and Mojo will allow first-time buyers to go from deposit saving to homeownership without any of the frustrating paperwork, delays and fees that are usually associated with the traditional process of buying a home.”
Mojo’s award-winning free service has made great strides in bringing transparency and convenience to first-time buyers with innovations such as MortgageScore and real-time eligibility across thousands of mortgage deals from 90 lenders.
The smart, time-saving tech allows Mojo’s expert mortgage advisers to spend more time with first-time buyers, giving them real confidence in their mortgage decisions.
Even during the pandemic, many first-time buyers remain locked out of the housing market due to high demand, ongoing housing shortages and soaring property prices. Average first-time buyer house prices are up 10 percent from 2019, with the average UK property now worth £260,000. The average mortgage deposit required is also up – with most lenders requiring a minimum of 10 percent of the purchase price.
On top of this, most high loan to value (LTV) mortgages for small deposit borrowers have been pulled during the pandemic. These 95 percent loan-to-value mortgages offered a unique opportunity for first-time buyers to get their foot on the ladder.
Even with the demise of this lending option there are still other kinds of mortgages available but picking the right one can be confusing and time consuming without sound advice.
By joining forces, Multiply and Mojo are disrupting a process that has traditionally been difficult for first time home buyers to navigate. Customers can now get the quality advice and support they need to make the right decision about saving for a property and choosing a mortgage – with just a few taps on their smartphone.
Richard Hayes, CEO of Mojo, said: “We help thousands of people with mortgages and re-mortgages, but it’s always great when we can make things just that bit easier for first-time buyers, and this partnership with Multiply does that.
“Many first-time buyers have seen their plans disrupted over the past year, and most will want to make 2021 the year they get on the ladder – particularly if there is a softening of house prices after the SDLT holiday.
“This partnership gives them the quality advice and confidence they need to make better and more informed decisions about the biggest investment they will ever make in their life.”
The app can be downloaded from the App Store and will soon be available on Android phones.