Earlier this year, we conducted two in-depth surveys to uncover the current challenges and opportunities in the mortgage market. The first Homeownership in the Digital Age report explored the perspectives of borrowers and brokers, while the second, our Mortgage Efficiency Survey, provided unique insights from lenders. Together, these findings reveal a complex but promising landscape where technology has made significant strides but still has a long way to go. Here’s what we learned—and what the future holds for mortgage innovation.

Borrowers: Balancing digital with the human touch

Our survey of 500 borrowers aged 20-50 revealed that while 80% have benefited from digital solutions like online applications and e-documentation, 20% felt no improvement at all. This suggests that while technology is streamlining parts of the process, it isn’t universally impactful.

Interestingly, the human element still plays a vital role. Phone calls remain the preferred communication method for 42% of respondents across all demographics, emphasising the enduring importance of brokers. Yet, digital-first tools like chatbots showed promise, particularly among those completing online applications.

Self-serve platforms for existing customers also emerged as an area for growth, with 47% of borrowers already attempting online product switching. Solutions like Apprivo’s Product Switch Portal, enabling quick and informed mortgage decisions in under 10 minutes, showcase how tech can foster loyalty while simplifying complex processes.

Brokers: Simplifying rate changes and document handling

Among 500 brokers surveyed, manual rate changes and paper-intensive workflows stood out as major pain points.

Flexibility is critical in today’s financial landscape, and tools like Apprivo’s Broker Portal address this need. Its configurable product rules engine and real-time updates remove the burden of manual rate adjustments, giving brokers more time to focus on clients.

Next-gen solutions like intelligent character recognition (ICR) and optical character recognition (OCR) also hold promise. These tools can automate document scanning and validation, reducing time spent on tedious, error-prone paperwork.

Lenders: Prioritising internal efficiency

Through video interviews with over 40 lenders for the Mortgage Efficiency Survey, we gained deeper insight into their priorities.

Sustainability themes like green mortgages (tied to EPC ratings and new builds) were prominent, but many lenders viewed current schemes like mortgage guarantees as commercially unviable. Instead, reinstating programs like Help to Buy and removing stamp duty were cited as better solutions for improving housing affordability.

AI and cybersecurity emerged as game-changers, particularly for niche lenders, though legacy systems remain a significant barrier to progress. When asked where they’d allocate a £5 million investment, lenders prioritised streamlining underwriting processes, improving internal systems, and modernising back-end architecture.

Key takeaways and the road ahead

Improving the digital application process and enabling seamless online product switching represent huge growth areas for mortgage technology. However, success will require a balanced approach—combining human expertise with cutting-edge tools to deliver efficient yet personalised experiences.
For lenders, prioritising internal systems and architecture remains essential to unlocking the full potential of digital transformation. By addressing these challenges head-on, the mortgage industry can create a more seamless and accessible journey for all stakeholders.

Explore the full findings and insights from our Homeownership in the Digital Age and Mortgage Efficiency Survey by visiting our website.