Two-thirds of first-time buyers admit the idea of applying for a mortgage “terrifies” them. One-third of Brits don’t even know what mortgage they’re on, and a quarter of people suffer from a “mortgage mismatch”, which costs on average £4,000 per year. Traditional mortgage brokers are time poor, often charge a fee and are highly incentivised by a limited pool of lenders leaving consumers with few options. Habito is changing that by revolutionising the way mortgage advice is delivered in the UK. No other mortgage broker – traditional or digital – has an artificially intelligent chat bot that allows people to discuss their mortgage needs 24/7 and from any connected device. It’s free, unbiased and accessible - the way advice should be delivered.
The UK mortgage market is the largest in Europe. It’s worth £1.3 trillion and the mortgage broking market drives over £800 million in revenues a year. Habito’s founder Daniel Hegarty, started with a blank canvas to rebuilt the mortgage broking process from first principles, with the customer at its core.
This year the opportunity is for Habito, to become a brand that consumers love and trust. The company will also be working with several major retail banks and high street lenders to integrate its technology and systems directly, in order to achieve its ambition of facilitating real-time mortgage approvals, as well as applications. Lastly, they are also developing a suite of simple and transparent insurance products that are free of confusing industry jargon and tailored to the needs of mortgage applicants.