Clearing the way for first time buyers: introducing Habito Go
Back in 2016, we set up Habito to bring innovation to the archaic industry of mortgages. We knew that we had an enormous mountain to climb, but we also knew that anything worth doing is hard, so we took it one step at a time.
Step one was reimagining what a mortgage broker could be. We built the first genuinely digital brokerage, giving people the fastest, easiest way to get the best deal possible.
Step two was bringing innovation to the mortgages themselves. The ways people live and work have changed radically, but the types of mortgages offered by banks haven’t kept up to match.
The best mortgage advice. The best mortgages possible. Step three is even more radical: clearing the path for buyers by upgrading the entire home-buying experience.
Buying is uncertain, fraught and hellish
All our research shows that the process of buying a home is painful and riddled with uncertainty. Buying means entering into the unknown — and experiencing a level of unpredictability that most people don’t feel equipped for.
First time buyers probably have it the hardest. Our research shows that half of first time buyers (47%) are paralysed by uncertainty about the process of buying a home. 46% said they’re resigned to a long and drawn-out process. And 15% had to bid on more than one property before their offer was accepted.
We live on a small island with a well-documented lack of housing. That means bidding wars and packed open house viewings, sellers backtracking and conveyancers drowning you in legalese — all of which adds up to zero certainty until the keys are in your hand.
I’ve been there myself, and countless other people have told me their own experience has been similar: when you’re buying for the first time — it feels like you’re going into battle alone. Every estate agent tells you something different. It’s never clear what’s happening next, what you should offer, who’s truly on your side.
It doesn’t have to be this hard.
Harnessing the power of cash
In the UK, sellers love cash buyers. Cash brings with it the promise of speed and certainty. 70% of the sellers we asked said they value the speed and ease of a sale just as much or more than getting their asking price.
So today, Habito is launching a new service that harnesses the power of cash to give first time buyers unprecedented buying and negotiating power.
It’s called Habito Go. Go gives first time buyers all the money they need to buy their property, in as little as 24 hours, in cash. At the same time, we apply for their mortgage through Habito’s brokerage, ready for them to use as soon as it comes through. Habito Go is a complete, buyer-boosting service that comes with the guidance of an expert specialist broker, advising you through your property purchase and staying by your side the whole way. It also comes with fast-track valuations and legal checks powered by Habito’s technology, which cut through the admin time and slim the purchase process down to as little as two weeks.
First time buyers get the power of cash, while sellers get the reassurance of a guaranteed sale. All in a fraction of the time you’d typically need to complete. It’s a better experience for buyers, sellers — everyone.
The future of Habito
At Habito, we believe no part of the home buying process is above being challenged, and no accepted status quo will stand in the way of us disrupting the industry to create something better for customers.
Habito Go is just the latest step. Everyone has their version of mortgage hell — step by step, we want to free people from them all.
The stats in this post are from a YouGov survey of 2,031 adults in Great Britain, carried out on behalf of Habito in May 2019
