RVU, proprietor of Uswitch, Confused.com and Cash.co.uk, eyes a UK mortgages sector shakeup after snapping up on-line mortgage dealer Mojo Mortgages.
Manchester-based Mojo Mortgages provides personalised mortgage suggestions by means of a hybrid of sensible tech and human mortgage consultants.
Its MortgageScore instrument, which makes use of open banking information from credit score bureau Credit score Kudos, combines data on credit score and employment historical past in addition to spending habits, deposits saved and revenue to offer customers with a person ‘rating’.
Round 70,000 folks a month use the service to get a personalised mortgage suggestion from 70-plus lenders throughout the market.
Presently, RVU’s Uswitch, Confused.com and Cash.co.uk supply shoppers the power to check and swap throughout a variety of utilities and monetary providers merchandise together with mortgages.
Nonetheless, the settlement to purchase Mojo will allow the corporate to delve deeper into mortgage intermediation and ‘personal the total journey throughout all buyer contact factors’.
Richard Hayes, co-founder and CEO of Mojo Mortgages, mentioned: “Three years in the past, we began Mojo with a transparent imaginative and prescient to make everybody really feel extra assured about discovering an awesome mortgage deal. This important subsequent step in our journey makes that imaginative and prescient a actuality on a scale we may have solely dreamt of again then.
“We’re delighted on the prospect of becoming a member of the RVU group and are wanting ahead to working with some distinctive folks and superb family manufacturers. We’ll look to revitalise the UK mortgage ecosystem whereas creating exceptional digital experiences for each our colleagues and our prospects.”
The acquisition is topic to regulatory approvals and customary closing situations.