61% of brokers say tech is essential for future mortgage market

End-to-end mortgage platform, Smartr365, reveals that the majority of brokers believe tech to be fundamental to the future of the mortgage industry.

Smartr365's anonymous survey conducted by Smartr365 in July 2022 asked brokers questions about tech within the mortgage industry.

The research highlights the importance of integrating technology with mortgages to make the process run smoothly. Additional support through technology can be particularly useful, especially in the current economic climate.

Mortgage broker sentiment surrounding tech

The survey found that 86% of UK brokers feel that technology makes mortgages safer than paper-based application processes.

The time-saving qualities that technology provides users with was described as the biggest advantage among 56% of participants. More than a quarter (26%) said efficiency was important in today's market.

Admin assistance and improved flow and communication were also named key advantages of using technology to facilitate the mortgage application process – 46% claimed that the key advantage was the admin assistance while 40% of brokers were most impressed with the improved flow and communication.  

Conor Murphy, chief executive officer, 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.”