Sixty-one per cent of mortgage brokers believe technology to be "integral" to the future of the mortgage industry, latest research from Smartr365 has revealed.
The fintech mortgage platform also found that 86% of UK brokers feel that technology makes the mortgage journey safer than a traditional, paper-based application process.
Furthermore, 56% pointed to the biggest advantage of mortgage tech being how much time it saves – with over a quarter (26%) saying that speed and efficiency were particularly important in the current high interest rate environment. Admin assistance and improved flow and communication were also named key advantages of using technology to facilitate the mortgage application process -with 46% and 40% of brokers claiming this to be true, respectively.
Conor Murphy, CEO and founder of Smart365, said: “With homebuyers currently facing one of the toughest financial periods in recent years, many are looking to brokers to guide them through the mortgage application journey quickly, safely and efficiently.
“Our research shows that where technology is absent, delays and frustrations take place. We know this is a major pain point for those seeking a degree of certainty and stability when looking to buy a home – especially under the present circumstances.”
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