Habito, an online mortgage broker and lender based in the UK, has announced an API that partners can use to gain access to Habito's "whole-of-market" mortgage search algorithm and calculation tools. API partners can integrate Habito's technology directly into their apps and websites so that end users can calculate mortgage payments and how much they could save by switching lenders.
"There are lots of reasons why someone might put of remortgaging--including because they believe the process is too time-consuming or anxiety-ridden," Habito founder and CEO, Daniel Hegarty, commented. "But it really is worth it--our research found that customers are happy to invest 20 minutes of their time to make as little as £60 worth of savings, but, with mortgages, the potential savings are much, much higher."
Hegarty continued that Habito wants to make switching mortgages as easy as switching a utility provider. Now, through Habito's API, more and more end-users will gain access to these easy to use tools through third-party applications that customers are already engaging with for related activities.
Once integrated, the Habito features within an app appear as a series of questions. The questions relate to an end-user customer's existing mortgage. The data is filtered through Habito's algorithm which searches the whole-of-market (this includes over 20,000 product options). The algorithm finds the best mortgage deal and responds with the potential savings to the customer.
Based on the savings results, or payment potential for first time buyers, customers may choose to take further action. If the customer wants to move forward through the Habito environment to remortgage, the customer is prompted to create a Habito account and forwarded to a Habito expert via phone call or live chat. Check out the Habito site to learn more.