Vida Homeloans has partnered with fintech firm Zoot to develop an end-to-end mortgage platform that it says will place “intermediaries at its heart.”

Part of a £5m investment in its technology strategy, Vida says, the platform will be cloud-based and take advantage of open banking. The lender adds that it will also connect to other parts of the mortgage process, including conveyancing.

Underwriters will also be able to use this technology to “efficiently analyse each application on its own merits,” which Vida says will lead to better outcomes.

Vida chief executive Anth Mooney comments: “Through this new partnership with Zoot, Vida is aiming to become a market leader in tech-enabled decisioning and origination so that we can raise the bar for our intermediary partners.

“This is a significant investment for us, and we’ll be working together with Zoot to develop new digitally-enhanced capabilities, built specifically for intermediaries and reflecting the vital role they play in our market.

“Our partnership with Zoot is another important step in our ambition to help the recovery of the mortgage market and support those intermediary partners who have worked so hard to weather the Covid-19 crisis.”

Zoot UK managing director Adam Jackson adds: “Mortgage lending is traditionally labour intensive. Zoot’s end-to-end mortgage platform with a truly digital customer journey will be a real game changer for Vida’s partners and its customers. The combination of Vida’s vision and Zoot’s technology will undoubtedly set a new standard within the UK mortgage industry.”