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Would you trust AI with your mortgage?

The use of AI or artificial intelligence is rising rapidly across most industries, so could it ever be useful in helping you to choose which mortgage is right for you?

The use of AI has risen rapidly in the last two years, with AI search engines, Chat GPT, and Adobe’s Generative AI, all becoming mainstream and used across many businesses. While there is no doubt that AI has its benefits, there are also big limitations around it taking over many roles or tasks completely. 

Let’s take mortgages for example. When we help you to choose a mortgage we do refer to our database and software that can help us pick the right loan for you. We input the information that is provided by you and our clever software can help us calculate how much you might be able to borrow, what your repayments could look like etc. We also have programmes that can work out and compare different loan terms or interest rates - a bit like a big calculator. This software makes it quicker and easier for us than working it out manually. 

Where AI can run into issues is the forward thinking part - taking into consideration future goals and unique circumstances - the very things that allow us to offer advice that is tailored to you. While AI might be fantastic at creating one-size-fits-all lending options, a mortgage advisor takes a more holistic approach - looking at all the various aspects that come into play, as well as looking ahead to what you wish to achieve in the future. 

AI could also run into issues as it would likely be unable to predict future market conditions and take this into account. Things like global financial decisions, the OCR rates, and changes in legislation could all help to make AI’s recommendations inaccurate.

So while AI is fantastic and we love to lean on it to speed up our processing time, we also can’t see it taking over anytime soon. The world of lending has far too many variables and requires a unique and tailored approach. Plus we believe that human connection and our personal advice and experiences are far too valuable to be replaced by robots any time soon. 

Besides, being able to call us directly with any questions you have is far better than waiting hours in call centre lines! If you'd like to get in touch with us (quickly and directly!) give us a call on 0800 005 676 today. 



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