In the future it may be possible for the whole buy-to-let loan application process from the initial enquiry to the payment of funds, to be done by apps and artificial intelligence, but it is doubtful whether the technology will replace all humans. Andrew Lloyd, director of Search Acumen has predicted the future of house buying. An app is used to find property and source commercial mortgage loan deals. A drone takes a photographic survey of the outside and inside of the property. Artificial intelligence will then provide a valuation report. Artificial intelligence also performs the legal work, with the ability to read and interpret legal documents. Although this scenario is based on current and predicted future technology, it does not necessarily mean that it will happen. Lloyds says that though technology can change the way property deals are done:
“…not everyone is ready for that. Predicting something will happen and waiting for it to happen are two different things though.”Technology can speed up the loan application process, such as land registry details being available online, but landlords will probably still want to deal with a human being. Conversations with a mortgage broker go into the minute details of a loan application in order to match the best lender for the landlord. For more complex deals such as when there needs to be a combination of a short-term bridging loan and a commercial mortgage, a broker is indispensable for making sure that all parts of the loan process go smoothly.