Can't get a mortgage? This Norwich start-up is aiming to help
- Credit: Haysto
A new mortgage broker's seven-figure investment plan will see more than 80 new jobs created in Norwich over the next few years.
Haysto is the latest FinTech company to launch in the city, with an office soon to open in the Prince of Wales Road.
Haysto is a mortgage broker which aims to plug the gap of people unable to secure a loan from a high street bank.
The business was founded by entrepreneur Jonathan Moulton, who was unable to secure a mortgage for himself after university and then a number of years later, despite running successful businesses.
He said: "I never want someone to go through what I went through. I remember sitting in a mortgage brokers having worked really hard, going through my earnings and my credit score, and then he put it all into a computer and laughed out loud.
"He laughed at me and told me I'd never get a mortgage. I was humiliated. Eventually I did get a mortgage through a broker, Paul, who genuinely wanted to help me - and years later he became my co-founder when we launched Haysto."
Mr Moulton already has a team of around 20 in place but will be looking to bring on more people to turnover around £20m in the next few years.
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He added that it is a "misconception" that people who are denied mortgages by high street lenders are more of a risk.
He said: "It's just a computer algorithm that says no. And that works for high street banks because it covers the majority - but there are still people who are self-employed, who might have lived out of the country, who might have had a mark against their credit score they've since got rid of who are just outright rejected.
"That's where we come in. There are lenders who will absolutely give mortgages to these people, you just need the brokers to carry out the work.
"Obviously it could be very time consuming for brokers so we've built an entirely new platform for our customers and brokers to use, which massively cuts down on admin time and means we can scale more quickly."
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