How Does mojomortgages.com Work?

Mojomortgages.com functions as an online intermediary connecting individuals seeking conventional mortgages with various lenders in the UK.

Their process is streamlined into a few key steps, aiming to simplify what can often be a complex and time-consuming undertaking.

The core operational mechanism relies on collecting user data, leveraging technology to match profiles with lender criteria, and then facilitating the human interaction necessary for personalized advice and application submission.

The Initial Inquiry and Data Collection

The journey on mojomortgages.com begins with the user providing their fundamental financial and housing requirements through an online interface.

• User Input Form: The first step prompts users to fill in details about their mortgage goals (e.g., buying a home, remortgaging) and personal circumstances (e.g., income, deposit size, credit history). They claim this process takes approximately “8 minutes.”
• Purpose of Data: This information is crucial for the platform to understand the user’s eligibility and to filter through the vast number of available mortgage products from their network of lenders.
• Efficiency: The design of this initial phase aims for maximum efficiency, collecting necessary information without overwhelming the user.
• Accessibility: The online nature means users can complete this step from anywhere, at any time, without needing to visit a physical office.
• Foundation for Matching: The collected data forms the basis for their “bespoke Fintech” to begin the matching process, identifying potentially suitable deals.

The Expert Consultation Phase

After the initial data input, the human element of Mojo Mortgages comes into play, providing personalized guidance.

• Booking a Call: Users schedule a “short call” with one of Mojo’s “in-house mortgage experts” at a time convenient for them, including evenings and weekends.
• Personalized Discussion: During this call, the expert will delve deeper into the user’s financial situation, discuss their needs, and clarify any details from the initial questionnaire. This is where tailored advice is provided.
• Deal Presentation: The mortgage expert will present a selection of suitable mortgage deals, explaining the terms, interest rates, and any associated fees. They can also email “a visual representation of the deals.”
• Addressing Questions: This phase is critical for users to ask questions, understand the implications of different mortgage products, and make an informed choice.
• Compliance with Best Interest: As an FCA-regulated entity, the expert is legally obligated to recommend products that are “right for you and in your best interest” within the conventional framework.

Mortgage Application and Completion

Once a deal is chosen, Mojo Mortgages takes over the administrative burden of the application process.

• Document Submission: Users submit required documents (e.g., payslips, bank statements, identification) through Mojo’s secure online portal.
• Liaison with Lenders: Mojo acts as the intermediary, preparing and submitting the application to the chosen lender on behalf of the user. They also handle follow-up communication and queries from the lender.
• Chasing Solicitors: They state they will “take care of the rest — don’t worry about the application or chasing solicitors,” implying they manage coordination with legal professionals involved in the transaction.
• Problem Resolution: If issues arise during the application, Mojo’s experts are there to help resolve them, potentially guiding the user to an alternative lender if needed.
• Securing the Mortgage: The ultimate goal of this phase is the successful completion of the mortgage application and the securing of the mortgage agreement for the user.

The Financial Model: How Mojo Gets Paid

Understanding the revenue model is crucial to comprehending how the “free” service works for the customer.

• Lender Commission: Mojo Mortgages receives a commission directly from the mortgage lender or product provider once a mortgage application is successfully completed and the mortgage is secured.
• No Direct User Fees: This commission structure means that the customer does not pay any direct fees to Mojo for their brokerage services.
• Impartiality Claim: They assert that this commission structure does not influence their recommendations, as they are “not incentivised to recommend some deals over others.” Their advice is presented as “impartial and unbiased.”
• FCA Regulation as Safeguard: Their FCA regulation plays a significant role here, legally binding them to act in the customer’s best interest, regardless of potential commissions from lenders.
• Transparency: This model is clearly explained on their website, ensuring users understand how the service is funded.

The “Whole-of-Market” Approach (within scope)

Mojo Mortgages positions itself as offering broad access to the market, which is a key advantage over going directly to a single bank. Is Bodyconcollection.com a Scam?

• Extensive Panel: They compare deals from a “large panel of lenders” (70+ lenders), allowing them to offer a wide selection of products.
• FCA Definition Met: They claim to meet the FCA definition of a “whole of market mortgage broker” by considering and advising on a sufficiently large number of regulated mortgage contracts.
• Specialization: It’s important to note their specialization in “first charge mortgages” (home purchases and remortgages), meaning they refer users for niche products like bridging finance or secured loans to “specialist broker partners.”
• User Benefit: This broad access means users are more likely to find a mortgage product that closely matches their specific needs and potentially offers more competitive rates than a single-lender approach.
• Comparison Tool: Essentially, Mojo works as a powerful comparison tool, but with human oversight and application facilitation.