Six out of ten (58%) mortgage brokers want artificial intelligence (AI) to play a bigger role in the mortgage sector, according to research conducted by the Nottingham Building Society.
The research found 45% of brokers believe lenders have not moved quickly enough to address the evolving needs of borrowers.
Brokers also reported a growing number of borrowers require support from others to secure a mortgage.
A third of brokers noted an increase in buyers with fluctuating incomes and multi-generational buyers pooling resources.
Meanwhile, 31% of brokers observed an uptick in buyers using Government schemes such as Help to Buy and Shared Ownership.
Earlier research from the Nottingham Building Society found that only one in five UK residents believe banks and building societies have evolved to meet modern needs.
While the majority of brokers are open to AI playing a larger role in the mortgage sector, 30% insisted on proper regulation.
While a fifth remain sceptical about AI’s involvement, citing concerns over safety and regulation.
Praven Subbramoney, chief lending officer at the Nottingham Building Society, said: “There is a pressing need for lenders to rethink their approach to affordability and mortgage accessibility.
“Borrowers today are navigating ever more complex financial situations and are becoming increasingly frustrated with the hurdles they face within the mortgage process.
“Our industry must respond with innovative solutions to help people traverse the system more efficiently.”
Subbramoney added: “Only by listening to the concerns of brokers and borrowers alike can we achieve meaningful solutions which will improve the process and make homeownership more achievable.
“We urge lenders to take these concerns seriously and to prioritise innovation and flexibility across the sector, ensuring that all customers, regardless of their financial background, have access to the opportunities they deserve.”
