Speed, transparency, and digital confidence are reshaping the mortgage journey, but lenders are slow to respond
The pace of change in borrower behaviour has rapidly outstripped the mortgage industry’s ability to adapt. Where clients once accepted the timelines and paperwork of the homebuying process, many now expect instant answers and seamless experiences, a shift driven by the digital age and amplified by social media.
“Five years ago, people accepted that things took time,” said Katie Brown, founder of Aura Mortgages with nearly seven years of experience in the sector. “They knew it might take 10 to 12 weeks and shaped their plans around that. Now, we live in an Amazon Prime world – people expect everything immediately.”
This acceleration is most visible among first-time buyers and digitally native clients. “It’s increasingly common for clients to come into conversations well-researched and with a clear idea of what they think might suit them,” Brown said. “Social media and online tools have played a big role in improving access to information.”
Clients come prepared, but not always with the full picture
While financial awareness has improved, it can lead to assumptions that don’t always reflect the full complexity of the mortgage process. Brown said she often sees clients focus on eye-catching rates without considering associated costs.
“Often clients focus on the headline rate they’ve seen online, which is understandable,” she said, “but part of our role is helping them look beyond that to the overall cost, including fees and longer-term value.”
There’s also growing frustration when affordability assessments don’t align with borrowers’ lived experience. Renters paying £1,500 monthly may be confused when a £1,100 mortgage is declined. “That’s where stress testing and regulatory caution come in,” Brown said. “We don’t have a crystal ball – the rules are there to protect clients.”
This disconnect is particularly noticeable among clients in structured career paths with predictable income progression. “Many clients, particularly those early in structured career paths, ask whether future income can be factored in,” she said. “In most cases, lenders are required to assess affordability based on current, proven income only.”
Brown noted that professional mortgages are available through specific lenders who are prepared to consider higher income multiples for qualifying borrowers, reflecting long-term earning potential within certain professions.
Brokers are adapting, but lenders must too
To keep pace, brokers are evolving their approach to advice and case preparation. That means reviewing documentation early, flagging potential issues, and anticipating underwriter questions before they’re raised.
“If there’s something that might raise a flag, I’ll answer it in the application, not wait to be asked,” Brown said. “Every round of questions can mean three or four days lost.”
The introduction of Consumer Duty has heightened the focus on thoroughness and accountability. But while brokers are adapting, some feel that lender systems are not moving fast enough.
“While some lenders are making real progress,” she said, “others are still constrained by legacy processes, which can make it harder to deliver the speed and flexibility borrowers now expect.”
Gaps emerge at both ends of the market
Borrower-lender misalignment is most visible in three groups, Brown said: first-time buyers, high-net-worth clients, and expats. First-time buyers may be unfamiliar with stress testing, while clients with more complex incomes often want a more tailored underwriting approach.
“For clients with more complex income structures, automated decision-making can feel limiting,” she said, “and they often value a more nuanced, human underwriting approach.”
While brokers work to manage expectations and translate policy into plain terms, there’s growing awareness that lenders must evolve to meet borrowers where they are. “If a borrower has a clean credit history and a good deposit, they have options,” Brown said. “If a lender makes the process slow or clunky, that client may go elsewhere.”
At the same time, she emphasised that regulation and caution remain essential. “The goal isn’t just to get someone into a home – it’s making sure they can stay there five years from now.”
What’s needed, she said, is better collaboration and smarter technology. “We’re not just intermediaries, we’re risk partners. Lenders need to trust us more, and invest in systems that don’t hold everyone back.”
The legal lag still weighs down the process
Even with more informed clients and digitally capable brokers, one persistent drag remains: conveyancing.
“The solicitor is the last person the client deals with, and that’s who they remember,” Brown said. “Even if everything else ran smoothly, that delay colours the experience.”
“Some parts of the conveyancing process are still heavily paper-based,” she said, “and greater digitisation could make a meaningful difference to the overall client experience.”
As borrower expectations continue to shift, the onus is on the industry to keep pace without compromising on care.
