Brokers say tech is transforming the process - but real advice still matters
Artificial intelligence is reshaping the mortgage process, and the industry itself. From streamlining product comparisons to decoding jargon and digitising paperwork, AI tools are being embraced by homebuyers in increasing numbers. But for brokers, this isn’t a threat - it’s an opportunity.
More than one in three UK buyers now turn to AI to explore mortgage options, and almost half say it’s the most useful tool for comparing deals. Yet brokers are clear: while AI can enhance speed and efficiency, it cannot replace the insight, judgment and support that sit at the heart of quality mortgage advice.
“Tech like AI can definitely help us do our jobs better,” said Emma Jones, CEO of Alder Rose Mortgage Services and founder of the ‘When The Bank Says No’ app. “But it’s not a replacement for real advice from someone who understands both the market and their personal situation.”
Jones said her firm’s app is already helping clients send documents, cut delays and reduce admin, but the core of her business remains deeply human. “Buying a home is a massive step. For a lot of people, especially those who’ve been told no by a bank or who don’t fit into neat little boxes, speaking to someone who genuinely gets it is priceless. No chatbot or comparison site can match that.”
Tech gains ground, but advice still anchors the process
The emergence of AI in the advice space is part of a broader transformation in financial services. Lloyds Banking Group recently enrolled 200 senior staff in an AI boot camp at the University of Cambridge and launched an internal AI Centre of Excellence. Meanwhile, firms across the sector are racing to adopt digital tools amid rising demand for AI-related skills.
But while some commentators forecast sweeping job losses, brokers remain grounded. They acknowledge AI’s potential, particularly for streamlining renewals, automating document reviews or accelerating simple cases, but draw a sharp line between information and advice.
“AI will have an impact in the mortgage industry, I can see it replacing the current process of renewals and straightforward cases,” said Kessar Salimi, mortgage and protection consultant at Freedom Financial. “But there will always be a place for advice, especially in the specialist market.”
Brokers adapt, not retreat
That distinction is becoming increasingly important as more buyers use AI to explore options - but still turn to a broker when real decisions need to be made. According to recent studies, only 12% of buyers say they would fully trust a standalone AI mortgage platform. A much larger proportion - 30% - still actively prefer advice from a human adviser.
“We’ve even had clients come to us after using ChatGPT to find a mortgage adviser,” said Harry Arnold, director at Anderson Harris. “Firms not engaging with AI tools to improve efficiency will find the coming decade very challenging - but we don’t see AI as a threat.”
Instead, Arnold sees practical opportunities. “Document analysis and copy generation can be sped up. Note taking and meeting summaries are incredibly helpful, as long as the customer is comfortable with you using these tools.”
That said, he cautioned firms to keep compliance front of mind. “You have to be careful when chucking client data into these systems. There are GDPR and FCA standards to uphold.”
For many, AI is simply the latest evolution in a long-standing trend: tech supporting brokers, not sidelining them. What’s new is the pace - and the need to act.
“Brokers can’t afford to sit still,” said Jones. “If we don’t move with the times, we will get left behind. AI shouldn’t replace us - it should support us. It’s all about using the tech smartly while keeping the human touch front and centre.”
The hybrid future: AI support, not AI takeover
That message resonates far beyond the UK. A recent Mortgage Professional America article highlighted the rise of “bot lenders” in the US, with some brokers complaining that online platforms undercut deals they’ve spent weeks preparing. But rather than fear the disruption, UK advisers are leaning into it - determined to show that trusted relationships, tailored advice, and smart use of technology aren’t mutually exclusive.
As Jacqueline Dewey, CEO of Smart Money, put it: “The future of AI in mortgages is likely to be hybrid.”
Brokers agree - the tools may be changing, but the value of advice is not.
