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.
Eligible has been in beta trial for the last three months with its first client and expect to announce new deals soon.
Eligible’s platform acts as a ‘digital enabler’, equipping mortgage advisors and lenders with the right tools to increase conversion and retention by strengthening their relationships with consumers.
Eligible, through its launch product “Mortgage Watch”, is targeting the UK re-mortgage market with a SaaS model, which it monetises through a monthly subscription plus conversion fee. The UK’s mortgage market is worth £225bn annually, 70% of which originates via intermediaries who earn an estimated £1bn in annual procurement fees.
Eligible’s Mortgage Watch, with or without any CRM integration, uses smart algorithms to carefully manage and analyse lenders’ and advisors’ existing client data, and identify when homeowners have the opportunity to re-mortgage. The algorithms analyse whole-of-market lender criteria to match consumers with the right mortgage product and creates real-time alerts. This means Eligible’s clients will never miss any re-mortgage opportunity for their consumers. Eligible’s white-label platform also empowers advisors and lenders to provide an end-to-end digital journey, which enables consumers to complete their applications seamlessly and effortlessly.
Looking to the immediate future, Eligible is in advanced conversations with a few top players in the property and mortgage lending industry. It has big plans for its software, including lender API integration that could allow its intermediary clients to offer instant mortgage approval, meaning the process could be cut down from a matter of weeks to just hours.
Founded by Rameez Zafar and Hasan Mustafa, both financial services executives with decades of experience working for the largest UK banks, Eligible is based at the Level 39 fintech incubator in Canary Wharf. It’s emerging from stealth mode after 12 months in development following a high six-figure angel investment in January 2017.
Rameez Zafar, Co-Founder of Eligible, said: “It’s our mission to make the mortgage process fast and simple for advisors, lenders and homeowners alike. We think the best way to do this is to take a B2B2C approach - enabling the thousands of experienced and trusted traditional advisors to use better digital technology and algorithms in their work. We describe it to our clients as ‘we do the robo, you do the advice’.
“Our clients know they need to digitise rapidly, because it’s what consumers are demanding as new digital brokers like Trussle and Habito have emerged in the past year or two. These startups will need to spend large sums of money to attract homeowners and overcome people’s trust barriers. Buying a mortgage is a major life decision and consumers, at some point, like talking to a human being about it. Our model helps digitise and shortens that process, making it faster and more efficient, and empowering the traditional advisors and lenders to stay ahead of the game.”
With the accessibility advantages of a cloud-based platform and the robust security features of an online banking system, Eligible keeps all data and information incredibly secure.