Santander has joined the Open Property Data Association (OPDA) as a part of its ongoing mission to rework and digitise the house shopping for course of.
In a Santander report, it discovered that whereas the preliminary phases of the house shopping for course of seem clean with two fifths (41%) of customers confirming that securing a mortgage supply was perceived as ‘simple’, however the latter phases stay gradual, paper-based and overly sophisticated.
It additionally revealed that whereas 83% of customers stated they felt supported by their dealer throughout the mortgage course of, greater than half (54%) needed to maintain chasing throughout the conveyancing course of to maneuver issues alongside, and 1 / 4 23% discovered the paperwork too sophisticated.
The report exhibits that the difficulties within the course of contribute to 1 in three property transactions (530,000) falling by way of, with an estimated financial price of £1.5bn yearly in charges paid by customers alongside misplaced work and leisure time as customers concentrate on buy associated actions.
It additionally famous that the present course of places customers off wanting to maneuver once more, appearing as a blocker to a well-functioning market. However, 88% of customers say they might be extra prone to transfer in future if the system had been extra streamlined.
Santander has known as on the Government to expedite digitisation and enhance information sharing throughout all events within the course of by way of a Smart Data Working Group, with its OPDA membership marking the lender’s newest step in working with trade to drive the change.
Santander head of properties David Morris says: “We’re delighted to be becoming a member of the OPDA to drive this mission ahead and are nicely aligned with their requires motion throughout the trade. We’re urging for extra digitisation and the implementation of higher upfront information, accompanied by improved information sharing to assist simplify and streamline the authorized course of for all.”
“This wouldn’t solely pace issues up but additionally present elevated safety for consumers and sellers alongside decreasing the large price – each lastly and emotionally – of property purchases falling by way of.”
OPDA chair Maria Harris adds: “Mortgage lenders, intermediaries, and their system suppliers have labored extremely arduous over the previous couple of years to streamline the mortgage recommendation and utility course of. This has been nice for customers, making lending selections faster, much less anxious, and extra dependable.”
“However, with the entire homebuying transaction taking twice so long as customers anticipate and a perceived lack of transparency and management, it’s time to concentrate on enhancing the entire buyer and trade person expertise.”
“We will solely remedy the challenges and take away the limitations to alter if we collaborate as an trade on the very best methods of working and remodeling the outdated practises which might be holding us again.”
“That’s why it’s so necessary to have trade heavyweights like Santander UK be a part of us and decide to working throughout the ecosystem with a standard objective – enhancing the homebuying course of for everybody.”
