Why we started Homerun
For the last few months, my co-founder (Karuna) and I have been working full time to build and launch Homerun, the online mortgage broker.
The question we get most often from anyone is….why?
The answer is surprisingly simple.
Today a massive 70% of people in the UK go through a mortgage broker to buy or remortgage their home. While some have a positive experience, many go through what is a horrendous process.
These are just a few quotes from some initial interviews we did last year:
“Its the only time in my life that I’ve had a panic attack” Lucy, 23
“I felt like no one gave a sh*t about my mortgage except me” Garry, 26
“He didn’t check the paperwork and we lost the house” Karuna, 34 (our CTO)
Its hard to think of many areas in life where you buy a service and get such a horrible experience (bar perhaps rush hour in London during a tube strike).
We identified three main factors causing this pain for people using mortgage brokers today:
- No transparency
If you order a pair of shoes from Amazon, you can track them all the way from the warehouse to your home in real-time. Yet when getting a mortgage, you’ll be lucky to find out what’s happening in the next week! Brokers don’t do enough to help customers understand this process and so they become anxious and stressed.
2. Poor communication
There are times in life where you have a right to be “needy” per se. By this I mean, if you’ve got questions or problems, you can be a little more demanding than you might usually be. Using your life savings to buy a home is one of these times. Shockingly, we’ve spoken to customers who’s brokers have not contacted them back for days after they requested an update. When people are desperate need of an update on such an important purchase, this isn’t acceptable.
3. Face-to-face meetings and hard documents
I hate going to the Post Office. We live in a digital era and when someone tells me I need to provide a hard copy of a document I get a little frustrated. Mortgage brokers are still guilty of this habit. Often they demand clients provide physical copies of bank statements or P60s. A scanned copy is acceptable for lenders and much easier for customers, yet its still not done.
Needless to say, it became clear to both Karuna and I (and we hope many future customers) that this needs to change. This is how we came up with Homerun, the online mortgage broker.
With Homerun customers can apply for and manage their mortgage online. People can message our broker directly, track their application status in real-time and submit all their documents online. Plus its completely free (no we don’t sell your data).
If you’re keen to see how we do, or know you’ll need to arrange a mortgage soon, sign up here and we’ll let you know when we go live. (We hate spam as much as everyone else so we don’t do it.)
We’ll also try to share some useful tips for aspirational home owners on here, so watch this space!
All the best,
CEO & Co-founder