Securing a mortgage is rarely an enjoyable experience. Sometimes even knowing where to begin can be half the battle. Do you opt for a traditional broker, and risk being lumped with a hefty fee? Or do you use an established comparison site, which displays your options but provides nothing in the way of advice?
Well, there’s now another option; one that combines the best of brokers and comparison sites, whilst eliminating the major pitfalls of both. Enter, Nuvo.
What is Nuvo?
Nuvo is a digital mortgage broker that aims to take the fuss (and the fee) out of browsing for and buying a mortgage. By combining state-of-the-art technology with expert advice, they make it easier than ever to purchase complex financial products at the click of a button, within mere minutes. They do this by implementing an Artificial Intelligence (AI) powered chatbot, guiding customers through the process and allowing them to compare all the products and deals suited to them. They are in fact the first digital broker to utilise such tech. Nuvo assists the user through the entire application right through to completion – meaning they deal with the lender to ensure everything runs smoothly.
If you’re looking to remortgage – as I am – Nuvo can assist with this too. Either way, it is an ideal alternative to the traditional approach as it can potentially save me hundreds in broker fees. The site guides you through a set of straightforward questions (only 8 questions for a purchase and, in my case just 10 questions for a remortgage) which are then submitted and a results page presented listing monthly savings and the number of lenders that will consider my application, which you can see in the screenshot below. Nuvo gives you a quick feel of mortgage options in under a minute. Only if you decide to take your application further, you can choose to create an account and proceed onwards – it takes no more 15 minutes to complete the application in full. The entire process is extremely quick and simple, and at no point will you be credit checked or hounded by marketing either.
What makes Nuvo different?
The technology used by Nuvo is incredibly intuitive. It’s constantly learning about the customer, which means it can display tailored recommendations for each individual user. It searches through and compares more than 30,000 products in real time, and by filtering out the ones that don’t apply, you only see the deals for which you are eligible. By taking into account factors such as price, suitability, and likelihood of acceptance, it becomes much easier to make an informed, confident purchase.
Nuvo are aware that some people still feel at sea throughout the mortgage process, however. To combat this, the chatbot technology allows customers to ask questions at any time. By using Natural Language Understanding (NLU), conversations feel comfortable, cutting down on annoying jargon. If you prefer a human approach, you can always flip to live chat and consult an adviser instead.
It also provides the chance for everything to be carried out in one place. A full application with a mortgage in principle can be completed in less than 15 minutes, and by also offering protection products for those mortgages, there’s no need for any third-party involvement. Being a digital mortgage broker, Nuvo will help guide you through the entire process with the lender, ensuring a seamless transaction through to successful completion of mortgage application.