A quarter of Brits have used artificial intelligence for mortgage guidance, new research by Barratt Homes has found.
Despite this, users expressed some scepticism over the results with only 7% stating they are “very confident” in its accuracy.
The analysis also looked at the output of different AI tools when responding to key mortgage questions and found mixed results.
Researchers asked a range of popular tools including Copilot, ChatGPT, and Grok to assess a typical first‑time buyer’s affordability and whether a two‑ or five‑year fixed rate might be better.
Despite using identical information, each AI tool gave different answers – including different affordability expectations and different recommendations on the best mortgage term.
On affordability, Copilot was the most neutral, saying the purchase “lined up well with typical UK lending patterns” without leaning optimistic or cautious.
ChatGPT was the most cautious, describing the researcher’s stated £230,000 borrowing target as “borderline but plausible,” depending on lender strictness and affordability checks.
Grok was the most optimistic, describing the scenario as “promising and affordable,” mentioning that some lenders offer 5x and above income multiples.
On the question of what type of mortgage to go for, Copilot offered a balanced comparison of two vs five‑year fixes.
ChatGPT leaned toward a five‑year fix, highlighting stability for first‑time buyers and the risk of future rate rises.
Grok favoured a two‑year fix, citing 2026 forecasts, expected rate drops, and competitive short‑term pricing.
TNHG Mortgage Services group managing director Terry Higgins says: “AI search tools can be helpful for making mortgage jargon and other information more accessible to first-time buyers and homeowners.
“However, users should be careful when using them, especially for financial decisions, as outputs aren’t always accurate and could be biased.
“Calculating affordability is one of the most complex parts of buying a house, and there are so many factors at play.
“While AI can be a good starting point, it’s been known to make mistakes with basic calculations and even hallucinate or invent fake data and numbers.
“The same applies for things like interest rates – AI can provide a helpful breakdown, but it can’t be trusted to give you accurate, real-time information.”
