Over half of mortgage brokers fear that the rise of artificial intelligence could cut back on the need for intermediaries.  

A survey found 54.5% of brokers are worried about this prospect in a poll by customer reviews site Smart Money People. 

It adds that more than 40% of brokers say they have no plans to adopt AI tools into their business. 

The find also says that just one in eight brokers currently use AI in any part of their advice process, with most seeing “it more as an admin tool than something that can support client advice”. 

Brokers are split on how comfortable they are with AI influencing lending decisions, the poll adds. 

Only 6% say they feel “very comfortable” with AI being involved, while nearly 40% say they’re either “uncomfortable” or “very uncomfortable” with the idea. 

By contrast, “AI is becoming the first stop for homebuyers,” the reviews site finds. 

Among homebuyers, 34% said they used AI to explore mortgage options. 

And among these early adopters, 60% say AI made it easier to compare products, 59% praised the instant access to a wide range of deals, and 55% said it helped them decode complex mortgage jargon. 

Smart Money People chief executive Jacqueline Dewey says: “There’s a real disconnect emerging between what homeowners want and what brokers are ready to offer when it comes to AI.  

“Many consumers are already relying on these tools to understand their mortgage choices, but brokers are still wary, particularly about transparency and trust.   

“While AI can be a powerful tool, it’s important to remember that for owner-occupied mortgages, advice is a regulatory requirement, whether that’s from a broker or a lender’s in-house adviser.  

“It’s also important for consumers to remember that AI may not always be accurate, and there’s no regulation of the content it produces.  

“The future of AI in mortgages is likely to be hybrid, but where smart technology supports, rather than replaces, expert human advice.” 

Smart Money People commissioned a survey of 500 adults who took out a mortgage in the past six months, conducted by OnePoll between 21 and 29 May. 

The reviews site also drew on its Smart Money People’s Mortgage Lender Benchmark, a bi-annual independent study of mortgage brokers, which spoke to 1,111 brokers between 1 April and 1 May.