Are you ready for “Robo Mortgage Advice”? Maybe not!
For many, the likes of Air B&B has made the high-street travel agent redundant. We stream our films now, and have sent Blockbuster to the cutting room floor. Many Taxi firm offices must feel under threat from Uber. So what about Mortgage advice? Well, without doubt, we are in the dawning of the age of “robo advice”
It is perhaps too early to give you my reasoned and fair thoughts on this. Anything that can be done from your kitchen table without undo interference from someone with an interest is of course, good news.
The counter-point is that with mortgage advice nothing is quite as it seems and most of my customers’ situations have some quirk or foible that needs careful understanding and handling. My second point is that “what is best for me “is a very subjective.
Systems now produce pages of results but sometimes the most appropriate and best solution is on page 5 not the top of page 1. I am not convinced that robo advice is the right answer for such cases. A computer cannot yet reason for why a customer has adverse credit showing which was incorrectly recorded. We brokers will be making the call to the lender sending evidence as to why something has occurred that is not as it seems. I have customers at the moment who are the victims of a scam. Robo advice will not be able to help them.
I have a specialty area in holiday let mortgages. It is niche and in no way aimed at the public looking for loans on the net. I am helping a top Rugby professional who most lenders will not offer a term greater than 6 years because that is when due to retire. That case would surely blow a robotic fuse.
Yes, technology is amazing and I am not wearing my Luddite hat but my point is a simple one. Many, many people don’t have perfect criteria and for a while yet brokers like me will be pleased to help those customers find the best deal for them. Humans 1 Robots 0 for the time being.