Research from Legal & General (L&G) Mortgage Club as part of its anniversary report Home 2055 shows that only 5% of consumers would opt for artificial intelligence (AI) chatbots.
It also shows that 58% of consumers said they would prefer to receive mortgage advice from a person, with 45% stating a preference for a face-to-face meeting and 12% opting for a video or phone call.
Around 47% of Gen Z respondents said they would choose to arrange a mortgage through a face-to-face session with an adviser, which L&G Mortgage Club said shows the “continued demand for expert and personal guidance”.
Almost two-thirds of respondents would prefer to receive comprehensive guidance on mortgages, pensions and protection from a single trusted adviser.
More than half – 54% – of 16-24-year-olds said they would prefer to receive all financial advice from one single adviser, which is echoed by 44% of the same age cohort saying they were not comfortable with receiving robo-advice or mortgage recommendations with no human input or interaction.
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Looking at advisers, two-thirds said face-to-face advice will become an even more important part of the advice process in the future and nearly a third said the emotional and complex nature of mortgage decisions is a key reason for the importance of a human adviser.
However, 40% of advisers said their biggest concern is digital and AI-powered platforms, with 41% identifying fluency in AI tools and technology as the most important skill for advisers to learn to stay relevant in the next 30 years.
Clare Beardmore, director of distribution and Mortgage Club, mortgage services at L&G, said: “As technology evolves, we must remember the importance of quality advice for customers, with reassurance, trust, and human connection at its core. It was encouraging that this emphasis on the value of quality advice was echoed by FCA chief executive Nikhil Rathi at our landmark Mortgage Club conference.
“Our research shows that, despite the rapid rise of automation and AI, borrowers still place enormous value on expert advice from a person. The mortgage process is not just a transaction, it’s one of the most complex and emotionally significant financial decisions a person will make. That is why advisers continue to play such a vital role in helping borrowers make informed decisions.
“Looking ahead, there is no doubt that digital tools such as AI will become more embedded in the advice process. But this should be about complementing advisers, not replacing them. The future of advice lies in a hybrid model, where technology enhances the customer experience and advisers continue to guide borrowers through the mortgage journey with empathy, insight, and personal support. As the market evolves, the industry’s commitment to quality, holistic advice remains essential for sustainable homeownership in the future.”
