Mortgages

For many aspiring homeowners, the traditional mortgage process is no longer fit for purpose, with the required down payment often acting as the biggest barrier.

Startups are pioneering alternatives to mortgages by providing equity loans without the need for a deposit and other more favourable conditions.

Some startups are beginning to reinvent the concept of home ownership to begin with by offering a middle ground between renting and wholly owning properties.

These schemes can take the form of anything from gradually buying up portions of properties to owning fractions of a home either as an investment or to use for predetermined stretches of time.

In a sector beset by clunky language and disparate actors, many startups are going back to basics.

By offering straightforward rate comparisons to consumers and translating offerings into simple terms, they’re hoping to demystify and speed up the mortgage process.

While most startups in the sector start out as brokers, some opt to become lenders themselves at a later stage to speed up the mortgage process.

With companies facing increasing competition, more may go down this route as a way to control customer experience and offer an end-to-end spectrum of services.