Almost a quarter of UK adults have used AI tools for mortgage advice, new research has found.
Hampshire-based Barratt David Wilson Homes revealed the findings in partnership with TNHG Mortgage Services, warning homebuyers to be cautious about relying on such tools for financial guidance.
Terry Higgins, group managing director at TNHG Mortgage Services, said: “AI search tools can be helpful for making mortgage jargon and other information more accessible to first-time buyers and homeowners.
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“However, users should be careful especially when it comes to financial decisions. Outputs aren’t always accurate and could be biased.
“A qualified mortgage adviser will look at your full financial picture and will match you with lenders and products that suit your circumstances.
“They can also explain the full costs involved and guide you through each step of the purchase, which is something AI simply can’t do.”
The study showed that only seven per cent of users felt “very confident” in the accuracy of AI-generated guidance, with many expressing uncertainty or concerns.