This is changing with the rise of online brokers, who are bringing innovation to this previously undisrupted market. It's a big market, with £240bn of mortgage loans originated each year, so there’s plenty of money to be made for Habito.

In 2019, they started direct lending from their own range of mortgages, which are being funded by a £500m commitment from a large financial institution. Habito are hoping that other lenders will want to use their technology to launch their own digital lending products. They believe using smart technology enables them to provide a better customer experience and faster loan decisions, which will give them a long-term edge over traditional banks.

For now, they’re innovating by offering lending products targeted at underserved groups, e.g. mortgages suitable for self-employed people who don’t have a traditional financial footprint. Another opportunity the startup is eyeing up are mortgages with a much longer fixed term, which are more common in other countries, but in the U.K. are typically restricted to 2-5 years.

Habito ran a bold advertising campaign titled ‘Hell or Habito’ starting in late 2018, which they’ve built on in 2019. This has been successful in driving awareness of the brand and helping fuel their growth.