Mortgage advisers launch digital platforms

September 23, 2016 by Brendan O'Neill

Mortgage Advisors

A company has shaken up the world of mortgage advice by launching a new digital adviser tool.

Securing a mortgage generally involves speaking to a person on the phone and then having a face to face meeting, as the process is quite complex. However, a number of companies are trying to change this by introducing a digital process.

Recently, Habito, a tech start-up, has launched an alleged “world’s first artificially intelligent digital mortgage adviser”. The process involves an individual looking for a mortgage using a message interface to interact with the digital adviser. However, rather than give you a mortgage there and then, you will have to speak to an adviser over the phone to ensure that you are applying for the most suitable product.

The digital adviser is based on the customer answering a series of questions, much like a decision tree, which the adviser will base its answer on. The digital adviser will give a recommendation for a product which is regulated, which is much more comprehensive than just looking online for the cheapest deal.

The chief executive and founder of Habito, Daniel Hegarty, says that the mortgage industry is complex and mortgage advice is difficult to obtain digitally as lenders all have varying criteria. However, he believes that they are starting to change that.

Once the Habito system recommends a product, customers will be passed to a broker which will take around 15 minutes to double check the details. The process for making a mortgage application will still take around three months. Mortgage advisers take a CeMAP course so that they have knowledge of lenders’ criteria, to help speed up the process.