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Habito launches open mortgage API

Online mortgage broker and lender Habito has today announced the launch of an API that allows its strategic partners’ customers to use Habito’s proprietary whole-of-market mortgage search algorithm and its mortgage calculation tools, from inside the partner’s app.

The API allows homeowners to work out exactly how much they could save by remortgaging and switching their deal, while first time buyers can see how much they can afford to borrow and what their monthly payments could look like.

Habito’s first two partners to use the API – Landlord Studio and Emma – will be using it for buy-to-let remortgaging and residential remortgaging respectively.

Remortgaging is a huge issue for UK consumers. Habito’s research with University of Manchester’s Economics Department found that over 50% of all homeowners are needlessly overpaying on their mortgage by around £300 a month or £3,700 a year, because they weren’t switching to a cheaper deal. Collectively, this mortgage switching inertia is costing the nation nearly £15.5 billion a year.

Daniel Hegarty, Founder and CEO at Habito said: “There are lots of reasons why someone might put off remortgaging – including because they believe the process is too time consuming or anxiety-ridden.

Habito is here to make switching your mortgage as easy as switching your energy or broadband provider, so that you can avoid slipping onto your lender’s costly Standard Variable Rate (SVR) and avoid unnecessary stress.”

Edoardo Moreni, CEO at Emma said: “Emma is on a mission to change the way consumers relate to money. We fundamentally believe the world needs an advocate that sits between our users and their financial products, with the only goal of helping people improve their financial health.

“Partnering with Habito means getting closer to this mission and adding further momentum to a movement of more than 100,000 people in the UK alone.”

Habito’s API will appear inside the partner’s app as a simple set of questions for a customer to fill in about their existing mortgage deal. That data will then be fed into Habito’s algorithm which searches the whole of the market  – from over 20,000 products – to find the best mortgage deal and work out how much the customer could save.