Multiply AI in partnership with digital mortgage broker Mojo have launched an app for first-time buyers.
The app is designed to provide a free financial planning and mortgage broker tool.
According to Multiply AI, it is the UK’s first fully automated financial adviser app, which uses artificial intelligence to provide financial advice for those who cannot afford to see a traditional face-to-face adviser.
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The 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, noted the firm.
Multiply AI also provides an achievable pathway to get on the property ladder by providing access to a Lifetime ISA (LISA).
Vivek Madlani, chief executive 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.”
Richard Hayes, chief executive of Mojo, added: “We help thousands of people with mortgages and remortgages, 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.”