Tuesday 9 July 2019 12:01 am

Habito launches its own range of mortgages after green light from regulator

Online mortgage broker Habito has launched its own range of products as it looks to stake its claim in the mortgage market.

Habito, which currently allows customers to search for loans from other providers, has now revamped its platform to offer its own range of mortgages.

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The move, which comes after Habito gained permission to lend from the Financial Conduct Authority, will be funded by an initial £500m investment from an unnamed global financial institution.

“For the past three years, we’ve invested heavily in our best-in-class brokerage to dramatically improve the process of finding and applying for a mortgage, but behind the scenes we have also rolled up our sleeves to tackle mortgages themselves,” said Daniel Hegarty, Habito founder and chief executive. 

“By building our own origination platform from first principles and launching our own range of mortgages, we’re able to put our money where our mouth is.”

The mortgages will be Habito-branded but will not sit on the company’s balance sheet, while the firm’s brokerage will operate as a separate business line.

Habito said it aims to cut the timeframe from mortgage application to offer in half by integrating the conveyancing process with its platform.

Read more: Mortgage lending grows in solid start to the year

The new platform will initially launch with buy-to-let mortgages, with company buy-to-let and portfolio landlord mortgages in the pipeline for later this year.

Habito said it is also working with financial institutions to launch a range of residential mortgages to the market.

Main image credit: Getty