The successful integration of technology, while vital, is no easy task in an area as multi-faceted as the mortgage world
The current mortgage application process is archaic and prevents people from getting on the property ladder. These are the suggestions in a recent report by data intelligence specialist GBG. But are they fair?
The purchasing of property has long been a complex and sometimes outdated process, which is highlighted in the report. When quizzed about their mortgage application experience, over a third (36 per cent) of respondents said they had found it stressful, 33 per cent suggested it had been a complicated process and 27 per cent had found it too long and drawn out.
The survey also revealed that the average UK homeowner took just over three hours to source all the paper documentation required for their application.
In lenders’ defence, they are constantly working to update systems and improve efficiency for applicants and intermediary partners. Also, in such a large transaction, any simplification or shortening of the process must be done in a secure and responsible manner.
The successful integration of technology is also no easy task, especially in an area as multi-faceted as the mortgage world.
Speaking to lenders, it is clear innovation and technology are having a massive influence on their behaviour. Through intelligent use of data, lenders can now assess property risk in far more detail than before.
However, they also need specialist support to ensure the mortgage journey is simple, straightforward and transparent for all links in the chain.
The more we can utilise and integrate appropriate digital solutions throughout the industry, the more borrowers, intermediaries and lending partners can all benefit.
Paul Wareham is managing director, surveying and conveyancing services, at Countrywide