NEW-AGE MORTGAGE BROKER AIMS TO PUT HULL AND YORKSHIRE ON THE DIGITAL MAP
· New ‘digital
broker’ fintech based at The Deep Business Centre will use cutting edge AI
technology to reduce mortgage application process from hours to just 15 minutes
· Based in
Hull, UK City of Culture, HOOCHT. is one of only a handful of digital brokers
worldwide
· Offering
donations to Parkinson’s research for every completed mortgage,
it will be ‘an ethical business and lifestyle choice
from the outset’, according to Founder Rich Wynn.
· ‘Securing a
mortgage as quick and easy as online shopping’
A cutting-edge new mortgage service has launched today
in Hull, offering the fastest online application process available.
Not only can its customers
potentially complete their mortgage transaction in minutes – they can enjoy the
satisfaction of making a difference at the same time.
With its blend of artificial
intelligence (AI)-assisted technology and charitable giving, HOOCHT., based at
The Deep Business Centre, next to the iconic Deep in Hull, will make people
feel good about the process of buying or re-mortgaging a home in more ways than
one.
Not only can they complete
their mortgage application in minutes – they can make a difference
at the same time. HOOCHT. has partnered with Parkinson’s UK
(PDUK) to donate the odd pence from every procuration fee it receives, to the
charity.
The national digital broker centres
on a sophisticated online tool with the capacity to start a full mortgage
application in as little as 15 minutes – quicker than the limited
number of companies already offering this kind of futuristic service.
Kicking off with a small team
just in time for, potentially, the first Bank Base Rate rise in a decade,
Founder and MD Rich Wynn wants to expand to recruit up to 20 more people in
year one.
HOOCHT. is a real-time
mortgage advice platform using a sophisticated online search tool, powered by
the latest artificial intelligence (AI) technology. Initial customer
conversations will be handled by ‘chatbots’,
followed by automatically-generated mortgage and borrowing capacity
illustrations. Customers will then be passed to HOOCHT.’s expert brokers for mortgage advice – again via online chat – to help them
make their ultimate decision.
In this way, HOOCHT. will combine the personal service and advice
consumers need in today’s highly complex financial marketplace, with the
convenience and speed they crave. HOOCHT.’s advice is also free.
Rich, from Beverley, has big
plans for contributing to the economic vibrancy of East Yorkshire: “I’m so proud to be establishing a groundbreaking
tech business in Hull, given all the positivity there is at the moment around
Hull, UK City of Culture 2017,” he said.
“Over time, my vision is that
HOOCHT. will be seen as a positive example of innovation and creativity in the
city, with a ‘Googlesque’ environment where team members are encouraged to put
forward innovative ideas for the future development of the business for the
benefit of our customers, and relaxed flexibility is the norm.”
The time-served mortgage
broker also has big ideas for shaking up
an ‘old-fashioned
mortgage market’. He hasworked for major players like
London & Country and Barclays and has already built a highly successful
telephone-based brokerage – MortgageCube.
He believes the traditional
ways of offering mortgage advice, face-to-face and over the telephone, will be
obsolete within a decade, and is keen to be ahead of the curve.
“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 brokers who
can combine good advice with speed and agility to offer customers a better
experience.
“The
vast majority of the mortgages agreed in 2016 were done through intermediaries
and I think this ratio is only likely to grow.”
This provides a golden
opportunity for fintechs like HOOCHT. to bridge that gap.
“We
will take the drudgery and repetition out of the mortgage application process,
while the other, important aspects of the relationship between us and the
customer will still happen, including offering them appropriate advice. In this
way, we’ll
reduce a typical application process from potentially several hours to 15
minutes, if the customer follows all the steps we require of them,”
continued Rich.
“In my experience, the most important service elements
for customers seeking a mortgage are honesty, prompt case submission, proactive
communication and an ability to work closely with the target lender to make
things happen quickly and efficiently.
“HOOCHT. will continue to do all of that, at greater
speed than was previously possible, using digital technology – backed
by dedicated and experienced human beings.
“This is about providing the missing service link in terms of
what today’s customers are looking for. HOOCHT. will combine
integrity, unrivalled mortgage broking experience and the personal touch.
Modern technology is just the vehicle enabling us to provide this with the
speed and efficiency people need and expect in today’s world.”
The timing of HOOCHT.’s
arrival couldn’t be better.
“I think a base rate rise is
inevitable, either this week or early in the New Year,” added Rich.
“So we’re glad to be
launching now, ready to help meet any increase in demand from customers wanting
to grab a deal or move their mortgage before rates rise further.
“While they might face a wait
for an appointment with a traditional broker or bank, they can access our
service at a time to suit them, on their phone or iPad, and have a new deal
secured in a matter of minutes.”
And the fintech will also tap
into the 21st Century sense of social responsibility, by donating
the odd pence from its broker fee to PDUK, with a view to raising thousands of
pounds for the charity in partnership with its customers.
Rich said: “HOOCHT.
isn’t
just a mortgage company, it’s a lifestyle one.
“Being responsible in how we do business is as
important to us as what we do. The best thing about digital technology is the
way it connects people and we want to tap into that – and the
contemporary drive to make a difference across geographies and social barriers.
“We think PDUK’s work is really important, given that more and more
people in the UK are suffering from illnesses like Parkinson’s, so we’ve joined forces with the charity and will be
donating the odd pence from every mortgage completed, to their efforts.”
Parkinson’s UK Fundraising Director Paul Jackson Clark said: "We're
pleased that HOOCHT. has chosen to support Parkinson's
UK, making people feel good about the process of buying or re-mortgaging
their home, in more ways than one.
“They will be contributing towards funds to provide
better services and treatments for people with Parkinson’s.”
As well as raising cash for Parkinson’s research, HOOCHT. will provide kit to grassroots sports teams in return for customer referrals, starting with a pilot scheme with Wanstead RUFC in the south of England. They are inviting other clubs to get in touch and find out how they, too, can benefit.
For more
information about HOOCHT., visit its website at www.hoocht.com, or contact Tracy Fletcher, of By Tracy Fletcher Limited PR, on
07983 633385.