Computer says 'no'
When the Computer makes sensitive decisions
The Financial Conduct Authority has warned that those applying for a mortgage should be made aware that robo-advisers (computer based apps) could be misleading borrowers over fees and the quality of the advice offered.
This follows the continuous and topical debate centered on whether or not the human workforce will eventually be replaced by robots something that Mark Carney – the Bank of England Governor has repeatedly warned of.
We may be reaching a point where we are outsourcing too many services that require the personal touch and detailed understanding that only experienced mortgage brokers can offer to apps where decisions are being made by artificial intelligence.
The stark warning issued by the Financial Conduct Authority also brings into light the way that the growing perception of ‘automation equals better’ is misplaced and does not necessarily follow.
This is especially true with the complex nature of mortgage advice where there are so many variables at work and therefore not easily outsourced to our non-human counterparts who cannot possibly work with the depth of understanding and delicacy required of such a nuanced service.
Buckingham James Mortgage Brokers offer a very personal service, such as face-to-face meetings or even meetings via Skype, or if preferred by phone. This allows us to pick up on the small aspects that make up the bigger picture.
As a highly experienced Chelmsford mortgage broker we appreciate that taking on any borrowing is a big commitment and requires careful handling.
If you want to speak with real people when it comes to sorting out your mortgage, contact Buckingham James Mortgage Brokers on our National Mortgage Line – 0333 987 4087 or email us at email@example.com etc.
We specialise in mortgages for the self-employed, mortgages for teachers, adverse credit mortgages, buy to let mortgages, first time buyer mortgages and remortgages.