Open Money has postponed the launch of its mortgage advice service to the first quarter of next year.

The online savings and investment adviser, backed by MoneySuperMarket co-founder Duncan Cameron, had been planning to launch into the mortgage market this month, but it has delayed the move as a result of Covid.

It currently offers an app that shows users all their bank accounts and credit cards in one place using open banking technology.

The firm also delivers investment advice online with the option for customers to speak to an adviser on the phone if they wish

Last year Open Money hired experienced broker James Brocklebank as head of its mortgage proposition.

Brocklebank was involved in the launch of online mortgage advice firm Mojo and has also worked at Santander and Yorkshire Building Society.

Speaking to Mortgage Strategy in December, Brocklebank explained that the firm was looking to help borrowers through the whole home buying process from start to finish.

The firm hopes to attract customers as early as possible from the point when they are just building up their deposit, educate them about homebuying and then help manage the purchase process.

Open Money co-founder and chief executive Anthony Morrow says: “The mortgage advice launch was originally scheduled for June, but has been pushed back to Q1 next year due to the current situation in the housing market. 

“Work continues on the technology and proposition for when life returns to something more normal and we plan to launch to existing customers first before rolling it out to the wider market.”