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Brexit replaces digital advice as top mortgage broker challenge – survey

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  • 11/10/2018
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Brexit replaces digital advice as top mortgage broker challenge – survey
Brexit is now seen as the biggest challenge for mortgage brokers, replacing the technology and automated advice, according to a survey of Legal and General Mortgage Club members.

 

The club surveyed brokers at its Mortgage Club Autumn Conference, asking them about their views on the future of the mortgage market, the opportunities for brokers and challenges they face.

A quarter of respondents said Brexit this was their biggest concern with 21% saying it was technology and robo-advice – this figure was down from 49% last year.

Other challenges included customer behaviour (21%), industry disruptors (19%) and lenders in general (14%).

Brokers continued to call on lenders to improve their propositions, with half those surveyed citing the need for better service and technology from lenders.

More than a quarter of brokers expected gross mortgage lending to reach £270bn or above in 2019, while 78% were either already advising on later life lending or thinking about entering the sector.

 

Technology no longer a threat

Legal & General Mortgage Club director Kevin Roberts suggested the results meant brokers no longer saw technology as a threat and instead were embracing the role that technology could play in futureproofing their businesses.

“The recognition by brokers of the role tech can play in the mortgage lending process is just the first step,” he said.

“As an industry, we now need to work together to make the frictionless mortgage a reality for customers, as well as helping brokers recognise the importance of fintech.

“If we don’t, outdated processes and inefficiencies could still leave us all at risk from outside competition and disruptors.”

 

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