A poll by the mortgage platform also found that 86% of UK brokers believe that “technology makes the mortgage journey safer than a traditional, paper-based application process”. It reported that 61% of advisers say tech is key to the future of the industry.
The study says 56% of intermediaries said time saved during applications was the biggest advantage of mortgage tech – with 26% adding that speed and efficiency were particularly important in the current high interest rate environment.
The report follows the Bank of England raising the base rate by 50 basis points to 2.25% last week, the highest rate for 14 years and the seventh hike since December.
The move aims to help counter rising inflation, driven by food and energy costs, which the Bank now predicts will hit 13% before the end of the year.
The Office for National Statistics’ latest data shows that inflation dipped from 10.1% in July to 9.9% in August.
Admin assistance and improved flow and communication were also named as key advantages of new technology the poll points out, citing 46% and 40% of brokers, respectively.
Smartr365 founder and chief executive Conor Murphy says: “With homebuyers currently facing one of the toughest financial periods in recent years, many are looking to brokers to guide them through the mortgage application journey quickly, safely and efficiently.
“Our research shows that where technology is absent, delays and frustrations take place. We know this is a major pain point for those seeking a degree of certainty and stability when looking to buy a home – especially under the present circumstances.”
Smartr365 says its poll was drawn from an anonymous survey of authorised mortgage advisers conducted in July.