With time, the finance industry has changed a lot, and thus the loan products big or small has also experienced alterations. This change is for good and progressive reasons. Borrowers are in a better situation now with enhancement in customer experience due to the result of a liberal approach of the finance industries.  

What makes lending practices smarter is the presence of FinTech. It is a promising, innovative gift of the modern era to harmonise finance and technology to work in coordination. Borrowing funds is much more convenient now. No need to mention that mortgage is a big concern of people as the struggle to take a loan with a significant amount is never uncomplicated.

New approach new thinking 

Now the mortgage seekers get better treatment as compared to the previous time when things were lengthier. The online procedures make loan formalities easier and smoother, and the overall approach has changed in many ways. Even during the current stressful situations of the corona, the mortgage market is trying to do its best.  

Take a look at why and how the mortgage world has become SMARTER.

Mortgage offer in just 4 to 5 days 

Due to corona, maybe things are slow nowadays, but before that, the mortgage market was flourishing. 

However, situations are sure to get normal soon. Before covid-19 stress, the high street lenders were doing great by providing mortgage offers in just 4 to 5 business days. It wasn’t easy to imagine a few years back as every stage in the loan process used to consume a lot of time. 

Now things are super fast, and lenders issue the initial offer/agreement in principle in quite a short time. It saves a lot of time and gives an absolute feel of security. Backed-up with an approved loan amount, the borrower takes a confident decision. At least he can carry a clear picture of how far he can go in property buying.

Digitized accumulation of information through interlinking of systems 

Of course, the traditional lending practices were bulky due to lengthy and hefty documentation procedures. Income verification, credit file check, contracts, bank statements etc. everything was on papers. People used to carry them in large, fat files and had to made many rounds to the office of the lender or broker. In short, things were complicated. 

Nowadays, the AI-powered systems are tying the varied information systems together to transfer information from one system to the other. The lenders and the brokers send and receive the details and documents through the systems and for the borrower too mortgage formalities are much more convenient now. 

Following things are possible now with digitization of mortgage industry –


  • On-demand data access
  • AI-based systems provide an interface to make a large number of legacy information systems
  • The technology can easily categorise and identify the information 


The advancement facilitates faster loan origination and decision-marking, which in turn ensures faster dealing of more number of cases in a day.

Virtual property viewing during covid-19 

Oh yes! How is it possible to talk about smarter mortgage practices and not talk about the current scenario? The industry has shown its efficiency to work in the most effective manner. Property agents are not able to take people for property viewing; as a result, the decision-making process is sure to get slow. 

In the last three months, things have changed a lot; finance companies are relying on online methods to stay in action. The concept of virtual property viewing has taken birth, and it can exist as long as regular visits are not possible.

Changed approach towards poor credit situation 

Poor credit situation has made many people experience the destruction of their dreams. Notably, on a mortgage, the rejection was almost sure to happen. The reason behind this is the traditional approach towards the financial assessment of the applicant. 

Previously, credit score performance was the most important criteria, and even the applicants with strong repayment capacity were not able to get funds. Now the situation is different, and with income factor, attainment of funds is possible. Through bad credit mortgage with a good income, it has become possible to gain approval. Prove the required financial capacity to pay the mortgage instalments, and borrow money despite a bad credit score.


The mortgage world today works on the KISS (Keep it simple, stupid) approach, and that is showing good results. Procedures are speedy now, income assessment, property viewing, documentation, application forms, approval decisions everything is better now.  Experience at every stage has improved, and situations are sure to become even more impressive.