Macclesfield-based fintech firm offers mortgages in 15 minutes

Richard Hayes and MD Nick Sherrat, of Macclesfield fintech Mojo Mortgages, are breaking the mould of the traditional mortgage market and replacing long-winded decision making with a recommendation in 15 minutes.

With its new model the Macclesfield-based fintech is giving customers more certainty around eligibility and ensures they get the cheapest deal.

In an interview with Business Live, Hayes explained: “Fundamentally, Mojo is about giving customers better access to mortgage products and removing the jargon and the lack of transparency that exists in the market.”

Often customers are charged around £500 for a mortgage brokerage service or trawl through comparison sites, which , while free and convenient,  can’t offer personal advice on eligible mortgage deals.

Hayes continued: “I think with the technology that exists and with digital access, there is no reason why we shouldn’t be innovating in this space and giving customers much greater access to financial products.”

In answer to why he has chosen to go into mortgages Hayes said: “Because they’re really important to people and the biggest financial decision they will make and we want to help facilitate that process.

“When it comes to having an impact and really changing the sector we got most excited about mortgages and the opportunities that exist!”

The Macclesfield fintech, which won Best Digital Innovation awards at the M.E.N Tech Awards in 2019, is now positioned to give customers a better experience and better value for money – using advanced technology and automated processes to optimise the mortgage experience without charging a fee.

Customers can find out how much they could borrow from more than 100 lenders in under a minute and get a personal mortgage recommendation in 15 minutes.

They also have access to more than 20,000 products – that’s 10 times more than a consumer could get access to on the high street.

Hayes again: “We’re really focused on the future and everything we’re doing is driving us towards creating a level playing field for customers and giving them the ability to make a choice about where and how they live,” he says.

Mojo’s team is made up of mortgage advisers, application success managers and a team of software engineers. 

New for 2020 is the ‘execution only’ service which will be aimed at re-mortgage customers who want to skip advice and directly access the deal they want.

The simpler process means borrowers would be able to pick their own products and go directly to the lender providing they are eligible for the product and there’s no major change in circumstances. “It’s really going to change the face of how re-mortgage customers go about finding that deal,” said Hayes.

“We’re still huge advocates for advice but for the ones who don’t want it or need it, this is a solution for them. That’s what tech enables. If you get the right balance of technology, culture, environment and enablement in which to innovate we get to build really exciting things.”

Image: Nick Sherrat (L) and Richard Hayes (R) of Macclesfield fintech start-up Mojo Mortgages.