A third of borrowers would let tech switch their mortgage: YouGov

Nearly a third of people would allow an online platform to automatically switch their mortgage to a better deal, according to a YouGov poll.

The research was commissioned by mortgage switching platform Dashly. It showed that millennials are most in favour of signing responsibility over to money-saving tech, with 41 per cent of 25 to 34-year-olds saying they would allow an online platform to automatically switch them to a better mortgage deal.

The figure falls to 29 per cent among 35 to 44-year olds, 28 per cent among 45 to 54-year olds and 21 per cent among the over-55s.

Asked whether they would allow an online platform to switch them having received a second opinion from an independent mortgage broker, the proportion rose to half of all borrowers.

The survey also revealed that 30 per cent of borrowers would be happy to continuously share their anonymised, real-time personal financial data with an intelligent mortgage platform if doing so saved them money.

Dashly founder Ross Boyd says: “That almost a third of people would be happy to be automatically switched to a better deal by an online mortgage platform shows the trust that is emerging in new technologies.

“But our firm view is that while automatic switching is perfectly reasonable for, say, a utility bill, advice on something as big and important as a mortgage remains crucial.

“The ideal scenario is one where new technology platforms, powered by AI, machine learning and open banking, do the hard yards and identify savings in a way no human could, while independent mortgage brokers are on hand to reassure borrowers that the advice is suitable.

“It’s certainly encouraging for brokers that far more people would be likely to switch on the basis of a recommendation received by a tech platform once they have received independent advice.”

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