Habito, the U.K. startup, announced on Monday (Sept. 12) it launched what it says is the world’s first artificially intelligent Digital Mortgage Adviser. With the tool, consumers can discuss their mortgage needs via any connected device 24 hours a day without having to talk to a human being.
The Digital Mortgage Adviser takes all of the customer’s financial life and marries it with real-time market mortgage rates to figure out an indicative monthly payment. The tool also lays out the impact consumers’ decisions will have on each mortgage configuration, just like a traditional mortgage broker would do but in a lot less time. Habito said, on average, the process will take 10 minutes. The startup said that, since it has the ability to search hundreds of mortgage products, the advice is complete, and customers can feel confident they are getting the best mortgage for them.
“Finding the right mortgage product in the U.K. is like finding a needle in a haystack. Britons are crying out for some innovation and clarity in an outdated and overwhelming mortgage market,” Daniel Hegarty, CEO and founder of Habito, said in a press release. “Our Digital Mortgage Adviser is a huge step forward in making mortgage advice accessible for consumers in the way they need it most: unbiased, always available and, most importantly, free.”
According to the company, the Digital Mortgage Adviser tool was launch in direct response to the FCA’s Financial Advice Market Review Report, which called for an increased amount of, and more access to, financial advice for consumers living in the U.K. The startup said it is gearing up to roll out additional interactive features later in the year, including remortgage alerts. The idea is to continue to improve upon the current mortgage application process for people throughout the U.K.
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