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30.
October
2017.
NEW-AGE MORTGAGE BROKER AIMS TO PUT HULL AND YORKSHIRE ON THE DIGITAL MAP
 

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 Parkinsons 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 Parkinsons 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 todays 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 havent been able to keep up with such expectations, due to the constraints of providers outmoded legacy IT systems, regulatory requirements and technical capabilities.

 

Thats 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, well 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 todays 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 todays 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. isnt just a mortgage company, its 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 PDUKs work is really important, given that more and more people in the UK are suffering from illnesses like Parkinsons, so weve 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 Parkinsons 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.