Technological advances will have a significant impact on the ‘vanilla’ mortgage market, Adrian Moloney, sales director at OneSavings Bank predicted.
Speaking on a panel at FSE Manchester today, Moloney said: “I don’t see digital advice as a major threat to advisers but I can see it delivering real change to the execution-only, vanilla, prime, residential remortgage market.”
And Louisa Sedgwick, director of sales at Vida Homeloans, said: “The mainstream market will, I think, absolutely go down the digital advice route however the specialist market is very different.
“I think those specialist customers are never going to apply for a specialist mortgage via that route simply because it’s much too complex.”
Robb Jupp, chief executive of Brightstar, told brokers the growth of digital advice represents both a threat and an opportunity.
He said: “It will be incredibly helpful for advisers, for example, in terms of the way that we get bank information from clients.
“We also have to accept that a different generation will want to do things differently – our kids will do things differently to us.
“I also think that the pace of change we’ll see over the next 10 years in this space will be much bigger than we think it’s going to be.
“However, as advisers we’ve gone through decades of change and in that sense it’s a really good opportunity.”