Online mortgage broker launches ‘first platform for self-employed and homebuyers with poor credit ratings’

With mortgage application rejections on the rise in the UK, there’s growing concern over how the process could affect Brits’ mental health.

Of those who’ve experienced rejection when applying for a new mortgage, 31% claim they were left feeling depressed, according to a survey by new specialist mortgage broker platform Haysto.

More than half (53%) felt marginalised, unfairly treated and with a sense of injustice as a result, while 21% said the process had left a long-term negative effect on their mental health.

Haysto has recently launched to make mortgages possible for those who have the odds stacked against them and may have previously been told they won’t be able to get one. They specialise in bad credit, self-employed and complex mortgages.

Expert knowledge

An alternative to traditional lenders and automated online mortgage platforms which typically reject people with complex situations, Haysto develops a picture of every customer to uncover specialist mortgages often not available to them directly.

The platform then matches each customer to a broker with expert knowledge of these mortgages and proven experience of making mortgages possible for people in their situation.

Haysto customers can speak directly to their broker at any time to receive expert advice and track their application online.

The research also showed that over a third of Brits (35%) feel they couldn’t get a good mortgage deal for themselves, wouldn’t want to go through the stress of applying or are unlikely to apply at all for fear of being rejected.

Haysto commissioned this study because they believe the mortgage world is broken for those who don’t fit the traditional applicant mould.

They want to address how many of us are fearful of the mortgage application process or wrongly believe that due to our circumstances, they’ll never be able to get a mortgage.

More than 50% of mortgages for people who are self-employed or have bad credit aren’t available directly from lenders and are only accessible through specialist brokers.

Raising awareness

Over half of Haysto’s customers have been rejected for a mortgage elsewhere
(Image: Pexels)

Haysto is working to raise awareness among those in complex situations that they could still qualify for a mortgage, even if they have been previously rejected, and that the process needn’t be as daunting and negative as they may assume.

Over half of Haysto’s customers have been rejected for a mortgage elsewhere.

The company is also working to tackle the psychological impact of applying for and being rejected for a mortgage.

Because of this, they’ve pledged that for every mortgage they help complete for someone, they’ll donate a percentage of their profits to the mental health charity Mind, so they can continue to support people struggling with financial worries.

No more computer says ‘no’

Paul Coss, co-founder of Haysto, explains: “Self-employment and poor credit histories are on the rise in the UK, so a growing number of people applying for mortgages simply don’t fit the traditional financial mould.

“Many are being rejected by traditional lenders and online mortgage brokers that can’t see past their situation, while others will be put off from applying at all.

“Haysto doesn’t rely on automation. We believe strongly in: no more computer says ‘no’.

Personalised experience

Haysto doesn’t rely on automation – so there’s no more computer says ‘no’

“Our platform provides the market’s most personalised mortgage experience by matching customers to specialist mortgage brokers based on their unique situation. We want to help everyone access their dream home.

“Even if they have been rejected before, there are specialist lenders and brokers specifically for self-employed and bad credit mortgages who can help.”

Paul, a specialist broker himself, co-founded Haysto earlier this year after seeing a clear gap in the market for an online platform for customers with complex incomes or credit histories who had been turned down elsewhere.

Find out more?

Haysto is the first online mortgage platform specifically for the self-employed and those with a bad credit rating. For more information, see www.haysto.com

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