New mortgage service that cuts out all that repetitive paperwork | eligible.ai
Reading:
New mortgage service that cuts out all that repetitive paperwork

New mortgage service that cuts out all that repetitive paperwork

December 4, 2017
Property Industry Eye

“The following piece about Eligible appeared in Property Industry Eye on 25th October 2017.”

Click here to view the original article

Rayhan’s Proptech Column: New mortgage service that cuts out all that repetitive paperwork

Everyone with a mortgage has experienced the frustration of needing to fill in the same information multiple times, often wondering why the various providers can’t just communicate with each other.

With the rise of digital mortgage brokers like Habito and Trussle, that question has a solution: to not use the traditional route if you want to cut out the hassle of filling in the same information for everyone.

But estate agents provide a very valuable link into getting a mortgage – after all, they sell over 95% of homes in the UK.

So how can estate agents make the process consumers experience more modern – and claim a larger share of the estimated £1bn of annual mortgage procurement fees?

Step in Eligible, a new proptech company offering to make any estate agent offer a Habito level of service.

Eligible co-founder Rameez Zafar says their solution called MortgageWatch starts by plugging into an estate agent’s existing customer data to “very quickly determine if there’s an opportunity for a customer to save money – including if they are eligible for the product”.

Zafar states the product is “in beta with several large networks” of mortgage introducers. [EYE heard a rumour that LSL are involved in the beta trial, but neither Zafar or his PR would confirm this.]

With a background in trading ‘structured credit’ for HSBC, Zafar comes at this problem from a technical standpoint of efficiency and speed of service.

Of the company’s origin, Zafar said its central philosophy “is about auto-filling and removing layers of data-gathering”.

On the importance of agents in this, he says: “The journey begins with the property – the mortgage is just a financial product that sits alongside and is something to which  people attribute a lot of stress and paperwork.”

He adds: “Seamless integration is good for the entire industry.”

It means, he says, that a broker can dispense with re-quizzing for basic information and “focus on adding value”.

Zafar started the interview by referencing how consumers are “now accustomed to Uber and checking bank statements online” but that people still want to talk to people because “mortgages are a big deal”.

With £1bn of revenue to compete for, embracing software that empowers agents and brokers, Eligible could be what people actually want from the mortgage industry.

Get great articles direct to your inbox

We’ll never share your details with third parties.
View our Privacy Policy for more info.

Related Stories

CEO Today
February 12, 2018

Client Retention Is Important, Regardless Of The Industry

In virtually all industries, repeat business typically represents the highest quality business at the lowest “customer acquisition cost”.

Fin Extra
December 4, 2017

Mortgage advisory tool Eligible emerges from stealth mode

Today new fintech start-up Eligible comes out of stealth with an offering that helps traditional mortgage advisors and lenders compete with the new influx of digital brokers.

Mortgage Solutions
January 6, 2018

What brokers can do to survive in the ‘Open Future’ – Dr Louise Beaumont

The mortgage industry is set to change in ways most people can’t even imagine – and data is the driving force, Dr Louise Beaumont (pictured) told Mortgage Solutions’ Women’s Executive Club at its December meet-up.

Arrow-up