61% of brokers agree tech is “integral” to the future of the mortgage market

Our latest broker study has revealed that mortgage advisers share a belief that tech is “integral” to the future of the mortgage industry, with 61% agreeing that this is the case.

The survey, which asked brokers a series of questions about tech within the mortgage industry, found that 86% of UK brokers feel that a digital-led mortgage application is safer than its traditional, paper-based equivalent.

Elsewhere, 56% agreed that the biggest advantage of a digital application was the time saving, with over a quarter (26%) agreeing that the current high interest rate environment makes speed and efficiency even more crucial.

Admin assistance and improved flow and communication were also named as key advantages of using technology within the mortgage application process, with 46% and 40% of brokers claiming this to be true, respectively.

Smartr365’s research brings to light the importance of technology-enabled mortgage journeys, especially in the current economic climate.

Conor Murphy, CEO and Founder, Smartr365 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.

“Speed, efficiency and safety are all central to the propositions we develop at Smartr365 and it is great to see that the broker community is feeling the benefits of these – both now and looking forward into the future. At Smartr365, we believe sincerely in the power of technology and its potential to improve considerably the homebuying experience for all involved. We look forward to continuing to work with our broker colleagues to constantly improve the mortgage journey.”

To enjoy the timesaving and safety benefits of top mortgage tech yourself, book your demo today.

Methodology

The above findings were calculated from an anonymous survey conducted by Smartr365 in July 2022. All respondents are authorised mortgage advisers.