Digital Broker Habito to Offer Loans from Own Mortgages

London-based mortgage company Habito is slated to launch its new lending service, says TechCrunch. The digital service provider will start providing direct loans using its own mortgages. This move came after the firm received the right permits to operate as a mortgage lender.

According to TechCrunch, this move is the first time the firm is intensifying its efforts to offer new services after it obtained approvals for its mortgage lending operations.

The company announced that it will be beginning its lending operations by offering “buy to let” mortgages. Daniel Hegarty, company founder and CEO, said that this new platform was developed by Habito for over a year in order to fill in “gaps in the current market.”

In the long run, the firm aims to improve customer experience, while proving a faster and more reliable application of fintech innovations. This development is expected to facilitate progress in the loan provision sector.

Hegarty also expressed hopes that other loan providers will be encouraged to utilize similar techniques in releasing their own digital services.

Aside from the buy-to-let offering, the company also reports that it has the “widest selection of Loan of Values,” as well as “fixed-rate periods,” compared to other players in the market. This was made possible by the proprietary tech it invented.

The platform also aims to provide faster mortgage application processing, which will shorten the time in half. Applicants will experience greater transparency with fewer and less complicated documentary requirements.

Habito’s new services will also have an Instant Decision feature, replacing the current Decision in Principle feature. According to the firm, the current tool is “outdated and often reliable.”

Automation will play a huge role in making the process a faster and more efficient one. Fraud evaluations, documentation, and valuations will be automated and digital.