Robo-adviceApr 4 2018

Countrywide-backed online mortgage adviser launches

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Countrywide-backed online mortgage adviser launches

A free mortgage advice service has been launched, backed by Countrywide and venture capitalist firm Blenheim Chalcot.

Dynamo will compare deals from mortgage providers and deliver online advice for those looking to remortgage.

It is an appointed representative of Countrywide Principal Services, the insurance arm of UK property services group Countrywide which has more than 500 mortgage advisers across the UK.

Also involved in the development of the site is Blenheim Chalcot, which funds start-ups such as free credit checking service ClearScore, which was recently sold to Experian for £275m.

Dynamo is led by chief executive Seb McDermott, who said the current paper-based mortgage system was "antiquated".

He said a "daunting and stressful" process meant some borrowers stayed with their current provider rather than switch, which was costing households money.

Mr McDermott, who was previously a portfolio manager at Blenheim Chalcot, said: "We are rebuilding the mortgage process from the ground up. Our cutting edge technology provides a beautiful and easy-to-use website that makes the collection of mortgage information simple and personalised.

"Combining this with access to some of the UK’s top lenders and exclusive deals means we are able to offer customers free, impartial, quality mortgage advice online and on the phone."

Dynamo works by asking users to register and then asks for their personal details and information about their current mortgage including how long is left on the term and what balance is outstanding.

After users enter information about their employment and finances and what type of mortgage they are looking for they are asked to book a call with a mortgage adviser.

Currently only available to those remortgaging, Dynamo expects to roll the service out to home movers and first-time buyers later this year.

According to its website, Dynamo works with lenders including Accord, Barclays, Halifax and Nationwide.

Peter Curran, financial services managing director at Countrywide, said: "We believe more customers want choice in how they apply for their mortgage. Dynamo gives them the online solution.

"The combination of Countrywide’s deep mortgage industry knowledge, insight and relationships, together with Blenheim Chalcot’s record of building disruptive fintech, has allowed us to create Dynamo."

Jonathan Clark, mortgage partner at Chadney Bulgin, said: "With Countrywide’s backing, Dynamo is sure to be a well thought out proposition and will certainly appeal to younger, more tech-savvy customers.

"However, experience tells us that most people are still not prepared to press the ‘buy now’ button on any mortgage without a meeting or, at the very least, a phone call with a qualified adviser. Despite all the emphasis on technology, Dynamo clearly recognises this as it is offering advice via phone calls too."