The platform matches customers to a mortgage broker with expert knowledge of securing loans for borrowers in their particular situation
Borrowers who are struggling to get a mortgage because they are self-employed, have a complex income or are burdened with bad credit can now access specialist deals through a new platform.
Haysto matches customers, based on their profile and financial situation, to a mortgage broker with expert knowledge of securing loans for borrowers in their particular situation.
Traditional lenders and some automated online mortgage platforms may reject some borrowers if they have a less-than-traditional income stream or have a history bad credit.
There are lenders who offer deals to these customers – but they are usually only available through brokers.
Therefore the Haysto platform provides an introduction to these brokers for anyone who has been rejected for a mainstream product or who is worried they may not be approved by going direct to a lender.
Paul Coss, co-founder of Haysto, explained: 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.
Coss explained Haysto didn’t simply rely on the ‘computer says no’ approach. Instead the platform provided a personalised mortgage experience by matching customers to specialist mortgage brokers based on their unique situation.
We want to help everyone access their dream home, he said. Even if they have been rejected before, there are specialist lenders and brokers specifically for self-employed and bad credit mortgages who can help.
Research carried out by Haysto as part of its launch has found 22% of people turned down for a mortgage blamed their bad credit history and 17% thought it was because they ran their own business.
Coss, who was 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.
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