Long way to go before brokers get on board with ‘smoke and mirrors’ crypto-mortgages – Star Letter 01/10/2021

Long way to go before brokers get on board with ‘smoke and mirrors’ crypto-mortgages – Star Letter 01/10/2021

 

This week’s comment comes from Andy Wilson in response to the story ‘Coadjute creates first UK cryptocurrency for mortgage transactions‘.

Wilson writes: “Sounds wonderful, doesn’t it? No more delays on the day of completion, less stress for the homeowners, fewer irate phone calls for the mortgage brokers, estate agents and solicitors sat on the back of the removal wagon with nowhere to plug the kettle in.

“However, mention the word ‘cryptocurrency’ to any of those parties and you will get an immediate response of ‘too risky’ and ‘it’s not for us’, me included.

“I don’t profess to know anything at all about bitcoin, cryptocurrencies, blockchain or wallets (other than the one with my Costa card in it) and frankly I don’t need to. Financial transactions in this country should be in good old fashioned sterling, including house sales.

“Everyone can understand that; it is (relatively) safe, money gets to its destination eventually and there is no risk of having your life savings turned into a digital string of numbers that can be stolen in seconds and never, ever traced again (my own perception, but probably not uncommon).

“I accept I am perhaps a dinosaur in this respect. But there is a long, long way to go before ordinary mortgage brokers need to get on board with such innovation, and the scary smoke and mirrors world of cryptocurrency.”