How could technology change the mortgage market?

It’s often hard to appreciate just how much technology has revolutionised many industries. The introduction of apps, in particular, have changed the way we shop, eat, travel and more.

The hotel industry has AirBnB, taxis have Uber and restaurants have Deliveroo, but what could technology hold for the future of the mortgage industry?

The mortgage industry is rarely first in line when it comes to innovation, but technology is beginning to be used around the world to enhance the consumer experience of buying property. Afterall, people shop for their insurance online these days, so why not a mortgage?

Whether it’s a new app or another form of technology, digital enhancement of the mortgage market is still in its early days - but the concept is becoming a more popular prospect for both consumers and providers.

When looking for a mortgage, most people start their journey on their mobile phones before switching to their laptop and only arrange a face-to-face meeting further down the line. But, could tech now negate the need for a meeting with a mortgage advisor altogether?

The most likely development looks to be an app or website that will allow consumers to have mortgages tailor-made to their needs - or that offer new mortgage deals to them automatically change whenever a new and more desirable product becomes available. 

If an app can find you the absolute best mortgage for you, without the advisor fee, surely people would embrace it?

We’ve not seen anything on the cards as of yet, but new technology could soon be around the corner for estate agents, property developers and home-buyers.

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