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Mortgage switching platform launches within FCA sandbox

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  • 02/10/2018
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Mortgage switching platform launches within FCA sandbox
Mortgage switching platform Dashly has launched to consumers with the aim of changing the way home loans are sourced.

 

Users of the site input their current mortgage deal and the tool constantly scans the market for better options, taking early repayment fees into account, and sends an alert when one becomes available.

The site automatically updates the user’s mortgage balance, remaining term, loan to value and property valuation on a monthly basis.

Alerts sent to users constitute fully automated advice.

A homeowner can then take out a mortgage through Dashly, either directly or with the help of one of the site’s in-house brokers.

Once the site is out the sandbox it plans to partner with third party brokers.

 

Regulatory springboard

 

The tool is currently in the Financial Conduct Authority’s sandbox – which is used by start-ups to test new models in a live environment.

Under the scheme, the amount of people that can be signed-up  is limited to 500 a week.

Dashly also tracks home insurance and utilities, hoping to shake-up the comparison site market.

Founder Ross Boyd said: “For us the real problem is helping people to save money on their mortgage when they are not looking and without them having to lift a finger.

“That’s what solves the real problem, which is consumer inertia.

“Dashly only needs setting up once but it will continue to serve homeowners for the rest of their lives.

“This is bringing genuine innovation to the industry, solving mortgage apathy and finally putting the consumer in control by replacing active comparison with infinitely more powerful passive comparison.

“Why compare the market if the market can compare you?”

Last week Citizens Advice lodged a ‘super-complaint’ with the Competition and Markets Authority (CMA) asserting that customers who stay loyal to financial providers, including mortgage lenders, are out of pocket by more than £4bn a year.

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One response to “Mortgage switching platform launches within FCA sandbox”

  1. Paul Smulovitch says:

    whilst the technology here is superb, what these systems don’t do is take into account the actual specifics of a client. A consumer may therefore be misled into applying for a mortgage there is no chance of them getting due to time trading or in employment, extra income streams and a myriad of other specifics that need the knowledge to know if it fits criteria or not. Therefore there will be many clients let down by this system and losing time in the process too.

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