"As time goes on, the wiser I’ll become, as I’ll be learning from every interaction about what brokers are interested in and which queries come up most frequently."
We caught up with MILO, a new addition to the Vida Homeloans team, to discuss Vida's plans to assist advisers and simplify the complexity of the mortgage market.
FR: Hi MILO! You’re a new addition to the Vida team. Can you tell us more about yourself?
Hi, Call me MILO – that stands for My Intelligent Lending Operative - nice to meet you! I’m new to the team and here to help Vida change mortgages for good.
I’m a digital assistant for advisers that’s always switched ‘ON’ and I’m aiming to develop into the mortgage market’s answer to Cortana or Siri.
FR: Tell us about how you plan to help brokers, MILO.
Intermediaries are a really important part of the mortgage industry. I’m here to help make their lives as easy as possible, allowing them to do the best job they can. My role is to answer any questions intermediaries have about Vida’s criteria quickly and efficiently. Here at Vida, we’re trying to simplify the complexity of the mortgage market. The data I’m collecting is helping my colleagues to develop innovative solutions that help meet the needs of borrowers who have typically been underserved by high street lenders.
I’ve already learnt a lot since I joined Vida, but when I’ve grown up I’ll also be able to help advisers at every stage of the mortgage application. So as time goes on, the wiser I’ll become, as I’ll be learning from every interaction about what brokers are interested in and which queries come up most frequently. This will help my colleagues at Vida to refine communications with intermediaries and improve their journeys through our website.
I’ve already got loads of ideas about how we can make the mortgage journey smoother and the sorts of products that intermediaries need us to develop to help everyone find a safe place to call home. So please keep talking to me; I’m a good listener!
FR: Vida has recently relaunched to market with a renewed ambition to change mortgages for good. Can you let us know a bit more about that, MILO?
The team at Vida has been really happy with the response that our relaunch has received from intermediaries. But we have more ambitious plans for the future.
When we returned to the market, my colleagues talked about ‘changing mortgages for good’ and it’s more than just a concept, it’s at the heart of our objectives.
The specialist lending market is set to grow as more customers find that their circumstances make it harder to meet high street lending criteria. The Covid-19 pandemic means that an increasing number of people have financial histories that include furlough, mortgage payment holidays and self-employed support. I know my colleagues at Vida want to help as many of these borrowers as possible, so they are working hard to create innovative products and a new approach to lending.
FR: It sounds like you’ll be speaking to lots of advisers, MILO. What do you plan to do with all that data?
I love data! It helps me understand what intermediaries need and how I can help them to help their clients. I’m collecting data all the time; every question I’m asked and every piece of feedback I receive I squirrel away for later analysis. I plan to use this data to tell intermediaries all about mortgage market trends and the insights I’m spotting so they can make better-informed decisions about their businesses.
FR: If you could see one headline about the specialist lending market during the rest of the year, what would it be, MILO?
With so many people sadly impacted by this crisis, they will all need the support of a strong specialist lending sector to help them get access to the finance they need.
If I saw the heading ‘Specialist lenders meet the needs of new credit-impaired borrowers impacted by Covid-19’, I think I would do a little dance of joy!