Fintech Instamo has launched FastSubmit, a mortgage application submission function aimed at simplifying the process.
The release of FastSubmit has been supported by investment from early-stage venture capital fund Haatch and mortgage brokerage L&C Mortgages. The investment will also support the growth of Instamo.
FastSubmit offers a “fast checkout” submission experience for mortgage applications, removing the need to rekey details. Instamo said this would remove friction for both brokers and lenders.
It has been designed to work similarly to the fast checkout process provided by online retailers, as FastSubmit will automate submissions by entering application data directly into lender portals.
FastSubmit can be plugged into a lender’s existing system without the need to replace portals.
Freddie Savundra, founder of Instamo, said: “For years, the industry has promised one-click mortgage submissions, but the reality has fallen short. Despite significant investment in APIs, adoption has been limited by inconsistent broker experiences and complex CRM field mapping.
Aldermore Insights with Jon Cooper: Edition 5 – Feeling enthusiastic about next year’s run-of-the-mill market
Sponsored by Aldermore
“L&C’s backing reflects a shared belief that it’s time for a more practical approach. FastSubmit works with lenders as they are today, automating submissions directly through existing lender portals or APIs and completing applications exactly as a broker would.”
Mark Harrington, CEO of L&C Mortgages, said that although there had been many developments to speed up and improve the mortgage application process, “the solutions have all too often fallen short of providing a simple, market-wide solution”.
Harrington added: “We have been impressed with the approach of Instamo FastSubmit and the potential to improve efficiency for our colleagues when submitting mortgage applications and enhance accuracy by limiting rekeying errors.
“The simple, maintenance-free implementation works not only for us as a broker but also offers significant opportunity for lenders right across the market.”
Fred Soneya, co-founder and general partner at Haatch, said: “At Haatch, we’re backing founders who are transforming how financial services are built and delivered. Freddie and the Instamo team are tackling a major pain point in the mortgage process with real technical rigor, and the momentum they’ve built so far is impressive.
“We’re excited to support their next phase of growth and help reshape the UK mortgage market.”