Is technology about to make the mortgage broker redundant? Will robots and AI replace the traditional role of your local mortgage adviser?
The answer is ‘yes’, according to news reports from the start of the year, which claim how mortgage applications may be as simple as car insurance in the next 10 years due to advancements in finance-led technological processes.
Does Complete Mortgages agree? No, and here’s why.
1. Power to the people
There are some professions that simply need people; those in the fire service, police and surgeons all spring to mind. But even it when it comes to the services industry, people generally tend to want to deal with people. Not screens. Or robots. The nuances that dealing with a real person allows (body language, asking questions that would be hard to articulate or communicate when not face to face) play a huge role. And when it comes to getting a mortgage, there is never any shortage of questions. So, from my perspective, applying for a mortgage isn’t an area that’s going to be entirely automated any time soon.
2. Experience is everything
As a Guildford mortgage broker, we’ve arranged mortgages for the widest spectrum of customers, from first time buyers through to equity release mortgage applicants, for many years. As a result, we’ve encountered scenarios and overcome obstructions and situations which, when added together, have a built up a high level of experience, knowledge and understanding of the mortgage sector that technology would find hard to match. Unlike the binary, black or white nature of machines, real mortgage brokers can deal with the shades of grey in-between.
3. Mortgage brokers not machines have relationships with lenders
Similar to point 1, people-based relationships enable a good mortgage broker to pick up the phone and chase the lender (who they may have known for years through working together) about Mr Smith’s mortgage application. This level of personal service, which doesn’t rely on flow diagrams and computer code, is what ultimately speeds up the mortgage application process and gets mortgages approved.
4. The perfect match
Mortgage brokers match specific lenders and specific mortgage deals with specific people. This follows a consultative approach that enables a mortgage broker to fully understand the intricacies of individual applicants’ lives, their financial limitations and personal circumstances. Without fully understanding and appraising someone prior to their mortgage application (a process that can take time), the person trying to get a mortgage may never be presented with the most suitable option.
If you’re looking to arrange a mortgage (with a real person), then contact our team of Guildford mortgage advisers on 01483 238280 or email email@example.com.