MoCo is developing a fintech application that simplifies the mortgage process for consumers. The platform aims to increase accessibility to mortgages through technology-driven solutions.
Funding
Funding not disclosed
Founders
Product
Problem
The traditional mortgage application process often involves significant friction and paperwork, leading to delays and complexity for consumers. Navigating various mortgage products and understanding the associated terms can also be challenging.
Solution
MoCo is a fintech platform designed to streamline the mortgage application process, reducing paperwork and simplifying the overall experience for consumers. The platform provides access to competitive interest rates and tools to assist users throughout their mortgage journey. By embracing technology, MoCo aims to provide a quicker decision on mortgage applications, potentially within days, and offers a Letter of Offer (subject to property valuation) earlier in the process. MoCo also provides resources such as a switching guide and a repayment calculator to help customers make informed decisions.
Target Audience
MoCo primarily targets first-time homebuyers and individuals looking to switch their existing mortgage, seeking a simplified and technology-driven mortgage application experience.
Features
- Online platform to facilitate the mortgage application process.
- Access to fixed-rate mortgage options with varying terms (3 and 5 years) and loan-to-value (LTV) ratios.
- Cashback offer of €1,500 paid after the first monthly installment.
- Overpayment allowance of up to 10% per annum without incurring fees.
- Open banking integration allowing customers to supply bank transactions digitally.
- Digital identity verification through partnership with Mitek Systems.
- Repayment calculator to estimate monthly payments.