This new Hull online service could help you get a mortgage quicker
HOOCHT aims to revolutionise how people apply for mortgages
By Hull Daily Mail | Posted: 10 Nov 2017
A cutting edge new mortgage service has been launched in Hull, aiming to offer the fastest online application process available.
HOOCHT is a "digital broker" developed by a team at the Deep Business Centre to allow customers to complete mortgage transactions in minutes.
The founders of the online platform say the tool has the capacity to allow people to start a full mortgage application in as little as 15 minutes.
A small team has launched the application this month, but founder and managing director Rich Wynn wants to expand to recruit up to 20 more people in year one.
Rich Wynn of HOOCHT.
Mr Wynn said: “I’m so proud to be establishing a ground-breaking tech business in Hull, given all the positivity there is at the moment around Hull.
“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.”
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.”
The launch comes after interest rates were increased for the first time in ten years. The founder says he expects the increase to result in a greater demand for good mortgage deals with threats of further rate rises.
“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,” he said.
“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.
“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.
“Modern technology is just the vehicle enabling us to provide this with the speed and efficiency people need and expect in today’s world.”