From remortgaging to buying your first home or building your buy-to-let portfolio, getting a mortgage is a big financial commitment. Should you trust it to a machine?

Several robo-mortgage adviser websites have launched in recent months offering to find you the best mortgage.

They ask users to complete a questionnaire and then based on your income and mortgage needs, their complicated algorithms will search online mortgage calculators and products to find those it feels are suited to you.

Their claim is that they are speeding up and taking the complications out of a mortgage application as you do everything at your desktop.

But they are also taking away the human and emotional aspect.

Delays in applications are annoying, but often the best way to speed up a mortgage application is actually to have all the figures correct and someone with an inside-look. This is where a human adviser comes in.

A mortgage adviser doesn’t just input details into a mortgage calculator. They are bringing years of experience, training and contacts to find the right mortgage for you.

There is no one-size fits all solution for a borrower so just filling in a questionnaire about your income and leaving it to a robot may not cover all the important issues or those with complex or non-standard needs.

It may be hard to discuss how you draw income and dividends from your own business or to explain gaps in an employment record or how your income may change in the future, all important aspects that a lender will consider when assessing your application.

A mortgage broker will often have access to some exclusive lender deals not advertised on the main bank or building society website and they will know which lenders are suitable for certain types of client such as those who are self-employed or have a poor credit history. A robot may not have these capabilities.

Using a human to arrange your mortgage also provides you with ongoing support both throughout the application and afterwards.

An adviser would inform you when your deal is coming to an end and when you should consider remortgaging. All this will be on file so you won’t have to re-enter any details.
Mortgages are about more than just the numbers.

There is the emotional aspect of getting the money to help put a roof over the heads of you and your family. Can a robot hold your hand through the delays and frustrations?

Getting a mortgage raises other complex needs such as how you approach insurance and savings or investments to make sure you can keep up with repayments.
Can a robot really help you with all this?


If you have any questions or would like to discuss your finances please get in touch to discuss your options.
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