Cookstown tech start-up aims to ease home-buying process

  • Northern Ireland fintech start-up, Mortgage Propeller has created an online platform with the aim of helping shave weeks off the average mortgage lead time for NI's home buyers.

    The platform is completely free for first time buyers, home movers and remortgagers who wish to begin their application online.

    There are hundreds of FCA authorised Mortgage Brokers across the UK on the other side of the platform, ready to virtually help buyers. 

    The platform "promises to banish mortgage jargon, remove hateful paperwork, ping pong telephone calls, cut WEEKS of the mortgage lead time and save the user considerable dough!"

    Local Cookstown friends Matthew McAllister and Brendan Sheehy founded Mortgage Propeller in 2020 after securing £250,000 in investment, and said they "are adamant to streamline the process and inject joy back into what is renowned to be a tedious application."

    Brendan said: "The mortgage application process is no doubt complicated, but we are confident that our new technology will highly benefit both the broker and buyer, and transform the dated process into a clean, simple, easy to use, system."

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    Users can complete their profile in 15 - 20 minutes and select their broker, upload documents, livechat and track their application from their dashboard in real time.

    Matthew added: "I sought a mortgage for my family home and witnessed how the archaic application process hadn’t changed in the last 10 years. This is a decade where self-driving cars were no longer science fiction! Things had to change. So here we are. Changing things."

    Mortgage Propeller hired their first employee, Marketing Manager Rachel Morrow last summer, and are currently hiring graduates on an intern basis. The company has plans to triple its staff count after its second round of fundraising closes in summer 2021. 

    Digital DNA named Mortgage Propeller in its 'Top 5 NI Tech Start-Up’ list, and the firm was also a finalist in InterTradeIreland's Seedcorn Readiness Awards.

    It is currently the only Northern Ireland company to have been shortlisted for the National Start-Up Awards.

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    Find our more about Mortgage Propeller via their website here. 

    Source: Written from press release

    About the author

    Niamh is a Sync NI writer with a previous background of working in FinTech and financial crime. She has a special interest in sports and emerging technologies. To connect with Niamh, feel free to send her an email or connect on Twitter.

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