As with most other industries the mortgage world has seen many technology driven changes over recent years. It is something we constantly monitor to improve our own proposition.
Up until now there has been no real “Uber” moment which has turned the market on its head, with so called disruptive technologies finding it difficult to account for the many weird and wonderful requirements of lenders across the market.
A couple of recent launches have sought to provide “advice” by way of a decision tree system, but in reality each individual's circumstances vary hugely, so matching these to a disparate lending market is a huge task. Consequently, most of these new offerings require some kind of human touch to complete the process.
We can foresee a position in the near term where certain segments of the mortgage market with very straight forward (do they really exist?) circumstances and requirements may be able to utilise an online portal.
However, having delivered a mortgage in principle through this route what happens when something changes or goes wrong, who speaks with the estate agents, solicitors, the valuer, accountant, damp proof / wall tie / electrics specialist to ensure that the purchase actually completes?
Can a remote presence with whom you have no personal relationships provide a calming influence / shoulder to cry on to get one of the most important purchases anyone ever experiences over the line?
As ever a one size fits all policy can cause issues and a human intervention, negotiation or even a shoulder to cry on /sounding board for possible solutions will often be required.
Technology certainly has its place and makes all of our day to day lives easier - in our own business we are constantly seeking to use new tools to publicise our services up front and streamline our back office services, but overall we feel that you will be stuck with the greying mortgage geeks for some time yet!
Paul Hardingham and Tony Ibson are Mortgage and Protection Advisers at Innovate Mortgages and Loans. Both have over 20 years of experience advising individuals and businesses across the North East of England. They can be contacted for bespoke advice at firstname.lastname@example.org or email@example.com or call 0191 223 3514.
Think carefully before securing other debts against your home.
Your home or property is at risk of repossession if you do not keep up repayments on a mortgage or other loan secured on it.
Innovate Mortgages and Loans is a trading style of Innovation Financial Management Ltd.