Habito has launched what it claims to be the world’s first “artificially intelligent Digital Mortgage Adviser (DMA).”

It claims it allows “millions” of consumers to discuss their mortgage needs from any connected device, 24/7, without requiring a human broker.

The firm says the DMA marries all the elements of a customer’s financial life (e.g. employment, salary and personal life plans) with real-time market mortgage rates to calculate an indicative monthly payment. The DMA explains the impact consumers’ decisions will have on each mortgage configuration as a traditional mortgage broker would, but ion average in 10 minutes.

Habito has the ability to search hundreds of products (versus a handful) and in development, analysed hundreds of advice interviews in order to understand what consumers needed and what formed the basis of informative advice. Consequently, Habito claims the DMA’s chat-like interface provides an “unbiased, conversational experience, without the need for lengthy in-person queues, waiting on hold or paying a premium for advice.”

Daniel Hegarty, CEO of Habito, said: “Finding the right mortgage product in the UK is like finding a needle in a haystack. Britons are crying out for some innovation and clarity in an outdated and overwhelming mortgage market.

“Our digital mortgage adviser is a huge step forward in making mortgage advice accessible for consumers in the way they need it most: unbiased, always available and most importantly free.”