You are here: Home - News -

Expats and older borrowers find startup digital mortgage adviser Hoocht

by:
  • 05/12/2017
  • 0
Expats and older borrowers find startup digital mortgage adviser Hoocht
Hull-based startup digital mortgage advice firm Hoocht has seen applications from the Philippines, South Africa, Saudi and Somalia, including a British diplomat since its online launch two months ago.

Customer ages range from 20 to 64 said Hoocht and include buy-to-let portfolios, to Help to Buy, shared homeownership and first-time buyer loans.

The business which launched at The Deep business centre with two advisers on 30 October has ambitions to grow to 20 by the end of 2018 and already taken on two trainee advisers currently undergoing CeMap.

Global demand has ‘far exceeded all my expectations’ in the first month said Hoocht MD Rich Wynn, also an ex-London and Country and Barclays employee who built telephone-based brokerage MortgageCube.

Initial customer conversations are handled by ‘chatbots’, followed by automatically-generated mortgage and borrowing capacity illustrations. Customers are passed to Hoocht’s brokers for mortgage advice – again via online chat – to help them make their decision.

Wyn added the most important service elements for a mortgage adviser are honesty, prompt case submission, proactive communication and an ability to work closely with the target lender to make things happen quickly and efficiently.

Obsolete in 10 years

Wynn said the traditional ways of offering mortgage advice, face-to-face and over the telephone, will be obsolete within a decade.

“People are used to completing instantaneous transactions, usually via their smartphones, for everything from buying their supermarket shopping to booking a holiday,” he said.

“However, up to now, their financial services just haven’t been able to keep up with such expectations, due to the constraints of providers’ outmoded legacy IT systems, regulatory requirements and technical capabilities.

“That’s all changing now, though; the technology is available and we are going to be among the first businesses to offer people the kind of mortgage service they want, how they want it.

“I think the arrival of new regulation like the Revised Payment Services Directive (PSD2) means we are also entering a new ‘open market’ era in financial services. In my view, this will lead to the major banks becoming the introducers, passing on their mortgage customers to who can combine good advice with speed and agility to offer customers a better experience.”

 

Adviser market growth

He added the vast majority of the mortgages agreed in 2016 were done through intermediaries and said this is only likely to grow.

“The great thing about the technology we’re using is that it’s very scalable. I’m an ordinary broker with a vision to change aspects of the industry for the benefit of consumers, and the technology is enabling me to do exactly that.

“While I don’t want to give too much away at this early stage, I can say we’re planning innovations that are different, and not necessarily what people would expect from a mortgage brokerage.”

There are 0 Comment(s)

You may also be interested in

Business Skills

In this section, we offer short ‘how to’ guides on harder to crack areas of business. From social media, to regulation or niche product areas, we cover it all.

Profiles

Our journalists interview key industry entrepreneurs, strategists and commentators for day-to-day market insight and a strategic view of where the industry is heading. We offer lessons for success and explore the opportunities for your business

Success in Practice

Here, we share case studies fleshing out best practice to help you decide what could work for your business. Take a look at how others approached complex tasks like launching a new mortgage lender, advising on a new product area or deciding to specialise in another. Learn from others mistakes and triumphs.

Marketwatch

Each week, we ask top mortgage and property commentators with a unique perspective to examine a key news headline, market move or regulatory or political issue.

Poll

Vote in our weekly poll here. It’s your chance to tell us what you think and be heard on the top news stories of the week. Review our archive to find out what your industry really thinks and all our coverage of the results.

Top Comments

Be part of the conversation on Mortgage Solutions. We want to hear from you. We have a tool called Disqus to tell us which stories get the most comments each week. Every Friday, the team picks the most thoughtful or opinionated contributions from our readers to enjoy again. Don’t forget to share your favourite stories from the site on social media to keep the conversation going.

Read previous post:
Barclays mortgage customers left on hold for two hours amid phone glitch

Barclays' mortgage customer centre has been hit by a phone glitch, which left some customers waiting on hold for hours.

Close