A so-called robo-adviser is set to launch in the coming months called Mortgage Gym.
The service will see mortgage applications completed in 15 minutes through an online portal combining robo and broker advice.
The firm said it will use Trustpilot-rated brokers at the final stage of the application who can be contacted face-to-face, on the phone or via Skype.
Mortgage Gym also pledged to be the world’s first ‘digital mortgage network’ via its partnership with Experian.
Due to Experian’s consumer credit files being integrated with Mortgage Gym’s online portal the firm said 95% of back-office compliance brokers need to complete will be done for them.
John Ingram, chief executive and founder of Mortgage Gym, said: “Following tighter regulation of the mortgage market in 2014, we realised the UK’s mortgage application process is archaic, inaccurate, time-consuming and ripe for disruption from a holistic, online solution.
“The mortgage industry in the UK is one of the last bastions of the financial services industry to still operate via paper files and telephone-based advice.
“By creating the world’s first, regulated mortgage robo-adviser, we aim to remove the guesswork, frustration and stress for homebuyers from one of the most important financial transactions in their life.
“For brokers, we believe our digital network will empower them to develop their own business with a steady stream of high-quality, prequalified clients without the burden of endless back-office compliance.”
The service will offer applicants a list of mortgages they can realistically afford within 60 seconds based on live affordability searches from 12 of the top 20 lenders.
Mortgage Gym will ‘soft-search’ an applicant’s Experian credit file and match it to lenders’ internal scorecards, then cross references the data with daily best-rate tables.
Documents such as identification will be dynamically read using optical character recognition technology, so physical copies aren’t required.
Henry Woodcock, principal mortgage consultant at IRESS, said: “I expect some of what they’re doing to be used in other channels.
“Affordability searches could also be used by lenders to shorten the first part of the customer journey.”