Three reasons AI will not replace the mortgage broker
Mortgage advice has never been a simple numbers game, and it is becoming even less so. Technology is speeding up sourcing, suitability checks and paperwork. Clients are also more digitally confident than ever, and lenders are ever more competitive.
But for anyone advising complex borrowers, especially in the high-net-worth space, the idea that AI will “disintermediate” the broker misunderstands what clients are actually buying.
They are paying for judgment, trust and execution under uncertainty.
A story shared with me recently captures that perfectly. A close friend of a broker colleague had divorced, rented for a period, and was now buying alone.
On paper, this was as straightforward as cases come: small mortgage, large deposit, two decades in the NHS and stable employment. Yet he “hasn’t got a clue about mortgages” and wanted someone he could speak to.
In this case, within 30 minutes, he had been sourced, advised and actioned. Within three hours, he had an approval in principle. Even with great consumer tech, it is hard to beat that combination of speed and reassurance.
AI will transform the tasks brokers do, but it will not replace the value brokers create. For me, there are three reasons why.
Confidence is key in stressful times
A mortgage is rarely a purely rational purchase. It is emotional, identity-laden and high-stakes.
Clients may be financially sophisticated, but that does not mean they want to spend their time becoming mortgage experts, particularly when their circumstances are changing through divorce, relocation, a new business venture or a liquidity event.
For high-net-worth individuals in particular, time is a scarce resource. Many can do the research themselves.
The question is whether dealing with a mortgage is the best use of their short days when they have businesses to run, families to support, and decisions to make across tax, investment and estate planning.
That is why brokers sit in the same trusted category as accountants and lawyers. Clients rely on them to interpret complexity, anticipate what could go wrong, and keep momentum when time matters and property purchases need to be secured.
I believe that AI can provide information, but it cannot give the comfort a broker can.
In high-net-worth cases, affordability isn’t shown on a payslip
In the mainstream market, affordability can look like a formula. In the high-net-worth market, it is often a story that has to be understood properly. Income may span multiple streams, dividends, retained profits, bonuses and overseas elements.
This is where brokers deliver value that is difficult to automate end-to-end. The work is not just about gathering facts.
It is about shaping a coherent case, stress-testing it, and translating it into lender language without losing the nuance that makes the case lendable.
AI can help here, and brokers should welcome it. It can pre-populate document checklists, summarise financials, highlight gaps, and cut down re-keying and chasing. But it still takes a skilled adviser to decide what matters, what to emphasise, how to sequence the narrative, and which trade-offs are acceptable.
Rate versus flexibility. Leverage versus liquidity.
The best brokers will use AI to become more human, not less
The fear that banks will disintermediate brokers rests on a big assumption: that a direct-to-bank journey will always provide the best fit, and that the client’s needs will remain stable. But circumstances change, priorities shift, and the “best deal” on paper is not always the best outcome for the client.
The more realistic shift is a new dividing line within broking.
Those who use AI to remove low-value work will have more time for client-facing advice.
Those who do not will be weighed down by admin and become less responsive, exactly when responsiveness is becoming a differentiator.
That matters now because confidence is returning, and demand is moving with it. Investec recently ran a survey of nearly 100 mortgage brokers, focused on the high-net-worth market.
The results were clear: 96 per cent of brokers expect their business to expand over the next 12 months, up from 91 per cent in 2025 and 81 per cent in 2024.
This is the environment where brokers who combine high-touch advice with high-speed execution win. AI is a powerful tool to help deliver that, but it cannot substitute the relationship, judgment, and accountability that clients value when decisions are complex and time is short.
The views and opinions expressed in this article are those of the author and do not necessarily reflect the views of Investec or its affiliates. This content is provided for general information only and should not be regarded as financial, legal, or professional advice.