Countrywide is not quite finished with online experimentation yet, for today sees the launch of an online mortgage service, backed by the agency group.
Called Dynamo is says it will provide “free, impartial and quality mortgage advice to its customers through its simple and intuitive process.”
The involvement of Countrywide means Dynamo’s customers “will be able to access a wide range of lenders and will benefit from some of the best rates in the market as well as exclusive deals, some of which are unavailable elsewhere.”
From today Dynamo is available for residential remortgage customers only but this will extend to first time buyers and home movers by the end of this year.
“As the UK’s largest broker, we believe that more and more of our customers want choice in how they apply for their mortgage. Dynamo gives them the online solution” says Peter Curran, Countrywide’s financial services managing director
“The combination of Countrywide’s deep mortgage industry knowledge, insight and relationships, together with [tech company] Blenheim Chalcot’s record of building disruptive fintech ... has allowed us to create Dynamo” Curran continues.
Seb McDermott, Dynamo’s chief executive, says the current mortgage process is “antiquated and needs to be modernised” with his new service is “rebuilding the mortgage process from the ground up and putting the customer at the very heart of it.”
Countrywide’s financial services division completed £15.7 billion of mortgages in 2017, making it the UK’s single largest mortgage broker; however, it was not immune from the upheavals during the period when the group was led by then-chief executive Alison Platt.
Paul Hunt, marketing services director for financial services and B2B at Countrywide, left last autumn after one of the final Platt-era reorganisations.