Dashly says it already has Barclays and a number of building societies interested in its service, which the firm calls Lending Labs.
Lending Labs is a newly set up platform that uses data collected from Dashly’s customer base to design bespoke mortgages for lenders. Once the loans have been designed, Dashly said one distribution option would be to specifically target customers signed up to its switching service by notifying them and their broker that new deals that fit their circumstances are available.
Dashly says two types of personalised mortgages are currently under development and will be available to borrowers before the end of the year. The first is a mortgage designed for police and armed forces personnel.
Features including enhanced affordability criteria to take into account the rapid rise in police officers’ salaries during the first five years of their career, and leniency towards some missed bill payments for borrowers in the armed forces, can be built into the deals and reflected in the interest rate.
A green mortgage aimed at encouraging reduced carbon emissions is the second deal under development.
Writing for Mortgage Solutions, Dashly’s chief executive Ross Boyd (pictured) said the recent wave of green mortgages was “little more than greenwashing” with lenders offering deals that rewarded people for buying more energy efficient homes.
To improve the impact that green mortgages can make, Boyd said Dashly is working with a number of lenders on a “decarbonisation mortgage” whereby homeowners who live in D-rated properties and below have access to exclusive deals that come with benefits such as free insulation.
On the launch of Lending Labs, Boyd said: “The future of mortgages is not robo-advice it’s creating personalised mortgage products designed for particular groups of people and advertised and distributed specifically to them.”