How Fin-tech affects your Mortgage?

How Fin-tech affects your Mortgage?

The UK Residential and Buy to Let mortgage industry is experiencing a wave of technological innovation as both mortgage brokers and existing lenders seek ways to automate, simplify and speed up each step of the mortgage application process. At the forefront of this development are Fin-Tech lenders, which have a complete end-to-end online mortgage application and approval process that is supported by centralized underwriting operations, rather than the traditional network of local brokers.

Fin-Tech Mortgage Brokers are faster

The latest research findings indicate that Fin-Tech mortgage providers process loans 7.9 days faster than non-Fin-Tech mortgage providers. Therefore, it is critical to find a mortgage broker who has automated the process and making maximum use of Fin-Tech to boost up the speed of the application process. There is a very minimal risk of your mortgage application getting delayed with a digitally-driven mortgage advisor. Fast borrowers have already started migrating to Fin-Tech mortgage providers.

Best mortgage rates at your fingertips

Fin-tech mortgage brokers provide you with online facilities to review the best deals available in the market. It will only take a few seconds before the automated system finds you the best deals from high-street banks and building societies. The dedicated mortgage support team of your mortgage broker can help you with assessing your affordability and eligibility via live chat. These Fin-Tech mortgage brokers have leveled up their user experience and customer convenience. Systems have become flexible up to that extent. Overall, this will ensure you get the best deal available in the market!

More flexibility with providing the documents

As per the reviews obtained from mortgage customers, sending bulk document packages via email has been identified as a key issue in terms of customer satisfaction. Fin-Tech mortgage brokers have provided you with more flexibility in terms of online verification facilities for passports, driving license, and access to open banking. You can also upload these documents via a secure upload facility to the client fact find which will be your official profile with the mortgage provider.     

Online tracking system of your mortgage

Customers are often worried about different stages of the mortgage process such as Decision in Principal, full application submission, valuation, Issue of mortgage offer, dealing with solicitors, and case completion. Now it is all in one online tracking system where you can log in and check the status of your mortgage and receive live updates on completion of each stage.

Technological innovation has improved the efficiency of financial intermediation in the UK mortgage industry specifically during the pandemic. It is high time for you to join hands with a Fin-Tech mortgage provider to experience the difference.

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