The Evolution of Mortgages and the Future of Online Digital Brokers
Posted: 11th July 2016 08:28
The mortgage market is often more confusing than it is clear, which is why more than two-thirds of people seek advice from a broker. The issue is that the average broker will look at fewer than 10% of the mortgages available which also often entails a long application process, delaying efficient results. It is quite impossible for one person to look at every mortgage, therefore many homeowners end up with a ‘mortgage mismatch’, and at least 1 in 4 British homeowners are spending over the odds, paying lenders an average of £4,000 more than they need to each year.
Working with one of the only pillars of the consumer finance sector yet to benefit from technological innovation, Habito is the first online digital mortgage broker to revolutionise the £95bn UK mortgage broking market, and is backed by £1.55m seed funding round led by Mosaic Ventures.
The market potential for Habito is huge; with over 7.6 million active mortgages in Britain and 69% of them being completed with the support of a broker, the process allows the company to build upon strong foundations significantly quickly.
To eliminate the problem of pace within the standards of 21st century consumerism, Habito has created a way to dissolve this and save consumers up to £29bn annually. Using unique prorietary technology, Habito provides a completely free service (authorised directly by the Financial Condust Authority) which analyses every mortgage of the market across 100 lenders in a matter of seconds. It identifies the best mortgage for each individual application based on their personal circumstances, and with Habito’s efficient online system, enables customers to complete their application from a phone or tablet within 30 minutes.
This revolutionary system is also backed by some of the most successful fintech entrepreneurs in Europe including Funding Circle CEO Samir Desai and Transferwise CEO Taavet Hinkrikus who stated: "Applying for a mortgage is stressful and time-consuming. Habito have built a great product that takes away that pain and helps consumers find the best product for them.”
Even after the right mortgage has been found, Habito will continue to monitor the market and alert customers if a better deal ever becomes available and offers a smooth switch over in the process. With this in place, homeowners will look forward to a hassle free mortgage system with the comfort and convenience of a reliable online broker with immediate results.
Daniel Hegarty, CEO and Founder of habito, said: “Technology has transformed our lives beyond recognition, so it’s hard to believe applying for a mortgage today remains no different from the difficult and often protracted process of 10, 20 or even 30 years ago.
“It is an industry that has seen no meaningful innovation, yet technology can do so much to take the pain out of mortgages for consumers. It’s not right that millions of people are paying over the odds on the wrong mortgage.
“It’s time for technology to bring mortgages into the 21st century. Habito scours every mortgage from over 100 lenders in seconds and matches the best one for you. It is an easy, fast and transparent way to find and apply for the right mortgage seamlessly.”