It is not an exaggeration to say that buying a home is difficult. It is obviously expensive, but the process of buying a home can be challenging. A property purchase is likely to be the most important decision, and the costliest purchase, a person makes, so there is a need to be fully informed. It can be difficult to obtain the information you need to feel confident about your final decision, and you can see why many folk struggle when looking to buy homes.
However, there is hope that things are getting better when it comes to buying homes. Firstly, there are steps being taken to assist with the financial elements of buying a home. There are some Help To Buy schemes that assist people getting on to the property ladder, and the Government has removed stamp duty for first-time buyers purchasing property up to £300,000. It is hoped that these moves will help people raise the finances to afford buying a home.
There is also a need to speed up and/or simplify the process. One lender in the UK took a big stride forward in 2017 with respect to speeding up the mortgage application process. NatWest introduced an online mortgage, which impacted on the environment, and the time taken to complete a mortgage application. Removing the need for paper in the process saves money and helps people to be green but reducing the process by days is something of value.
There are some mortgage lenders watching on with interest but equally, some major names in the mortgage sector said they have no intention of offering a fully online mortgage process. It is likely that there are some concerns regarding security with online transactions but if NatWest can show that there are no issues in this regard, other mortgage providers should follow.
One development of interest in the speed of mortgage applications, and in how people gather information, can be seen in the use of Facebook Messenger chatbots. These devices engage people looking to buy a home and by asking a few questions to gather information on a person’s circumstances, the chatbot can offer guidance on what mortgage is best for the applicant. This can save time and it can save a lot of frustration.
As with all automated services, there will be concerns as to whether the information provided can be relied on, but ultimately, it is that different from speaking to a professional by phone who reads off scripts and provides information based on what their database or computer tells them? Ultimately, the same information should be provided to the customer, only at a faster rate and a lower cost to the mortgage lender. Again, there will be issues with automation regarding potential job losses, but for people looking for the best deal and the best standard of service, automated chatbots could help people find the ideal mortgage for their needs.
If you are keen to stay in touch with the latest developments in the mortgage market or you are looking to make a property move, contact Griffin Residential and we will be more than happy to help.