The event focussed on the future of mortgages and home buying, including:
- The digital future of land registration
- Lessons on using AI to innovate the mortgage process
- Keynote debate: What is the future of mortgage distribution following the Mortgages Market Study?
- Bigging up Bank of Mum and Dad: how societies can continue to support first-time buyers
- How can we improve the homebuying and selling process?
Shaun Ewings, Product Manager at HM Land Registry kicked off the day presenting the vision of HM Land registry: to become the world’s leading land registry for speed, simplicity and an open approach to data. He walked us through the tools already developed, as well as those in development, that make the mortgage process as paperless and as safe as possible.
Then, Hinckley and Rugby Building Society and Festina Finance shared an AI system “Mortgage Advisor” they are developing for intermediaries.
The main debate on the future of Mortgage distribution featured a panel of Mortgage specialists from Knowledge Bank, Mortgage Kart, Criteria Hub, Hinckel and Rugby Building Society and Intermediary Mortgage Lenders Association (IMLA). Changing customer needs was the core of the debate.
They gave their views following The Financial Conduct Authority (FCA) interim report.
After lunch, we got a sneak peek at the interim findings of the BSA’s intergenerational Lending report with its two authors Dick Jenkins (Bath Building Society) and Bob Planell (CML). The main learning of the report:
Home ownership is dropping for younger generations
Raising a deposit remains the most important barrier to property purchase
The Government is seen to be helping but not enough
Among their recommendations, was for authorities to lift tax restrictions on older generation gifts as many young people require financial assistance from their families.