Belfast-based mortgage advisory firm, Mortgage Propeller, is marking its second anniversary by reporting an astounding 600% surge in sales across the UK. This growth has also led to the creation of five additional jobs. Matthew McAllister, co-founder of Mortgage Propeller, attributes the company’s success to Full Fibre broadband, which played a pivotal role in launching and sustaining their operations.
Frustrated by his own mortgage application experiences, Matthew embarked on a mission to create a platform that simplifies and accelerates the mortgage application process. Together with co-founders Brendan Sheehy and Paul Dalzell, they founded Mortgage Propeller as a FinTech startup. However, securing the necessary investments proved challenging, and substantial investor commitments were lost when the pandemic struck in March 2020.
Digital connectivity emerged as a crucial solution, allowing them to connect with investors globally via video calls and raise their initial £500,000 investment. Matthew emphasized the importance of reliable broadband, stating, “You need solid, reliable broadband to do that without any buffering or dropouts. Having access to Ultrafast Full Fibre broadband made all the difference.”
Mortgage Propeller’s broker platform, mortgagepropeller.com, serves as a fully automated marketplace connecting home buyers from across the UK with mortgage brokers. Over a span of seven months, the platform processed £55 million in mortgage applications, involving over 30 brokers. Despite the substantial activity, the platform remained seamless and reliable, facilitating over 400 home purchases during the lockdown.
Matthew concluded by highlighting the vital role of Ultrafast Full Fibre broadband, stating that none of this would have been possible without their fast and reliable connection.
The success of Mortgage Propeller exemplifies the positive impact of Full Fibre broadband on businesses, fostering growth, resilience, and innovation. Openreach NI’s commitment to providing a future-proof broadband network plays a crucial role in supporting the region’s businesses and driving economic development, even in challenging times. Openreach NI Director Garret Kavanagh expressed delight in the positive impact of Full Fibre technology on local businesses, which continue to thrive and adapt, thanks to access to reliable connectivity.
