The broker accused others of giving rough borrowing estimates that don't stand up to scrutiny. It functions by asking customers to fill out a fact find lasting 10 minutes after which it supplies the top three most suitable products.
Fintech startup Dwell Mortgages has launched with the aim of bettering other so-called online mortgage brokers.
The broker accused others of giving rough borrowing estimates that don't stand up to scrutiny.
It functions by asking customers to fill out a more comprehensive fact find lasting 10 minutes after which it supplies the top three most suitable products.
Pradeep Raman, founder and chief executive, said: “Technology should be used to improve consumer outcomes - meaning clients should be better informed about their eligibility and mortgage options by the time they are eventually connected with a human broker, which we believe they will always need.
“We don’t see ourselves as a ‘robo-adviser’ as we do not want to simply generate an agreement in principle (AIP) based on a rough income multiplication, then send clients on to a human broker immediately.
“Doing that digitally is just a nice wrapper on an old system and hiding behind the ‘tech-based’ banner.”
He added: “We’ve designed a highly rationalised fact find that captures all the relevant data in under 10 mins and that allows us to show our client what the most suitable products actually look like based on those facts.
“That not only sets us apart from current standards in the sector, but offers infinitely more value than a simple comparison site.”
Users can either book a 15-minute call with an adviser or initiate a WhatsApp conversation, where any outstanding information and documents can be collected and the broker can issue a Dwell Mortgage Passport, which the company said will banish the need for a traditional AIP.
Raman said: “A lender AIP is still calculated as a simple income multiplication – as it seems to be in the digital broking market as well.
“However, the final application is underwritten on a full affordability assessment, and that different approach to the two stages will clearly lead to more disappointed borrowers and house-hunters.”
“When we tell our users what they can borrow, they won’t have any nasty surprises when their offer is accepted and the exciting part begins.
“At that stage, Dwell users will find everything is already in place and they can focus on the fun of moving into a new home.”
