Santander has joined the Open Property Data Association (OPDA) as a part of its ongoing mission to remodel and digitise the house shopping for course of.
In a Santander report, it discovered that whereas the preliminary levels of the house shopping for course of seem clean with two fifths (41%) of shoppers confirming that securing a mortgage supply was perceived as ‘simple’, however the latter levels stay gradual, paper-based and overly difficult.
It additionally revealed that whereas 83% of shoppers mentioned they felt supported by their dealer through the mortgage course of, greater than half (54%) needed to hold chasing through the conveyancing course of to maneuver issues alongside, and 1 / 4 23% discovered the paperwork too difficult.
The report reveals that the difficulties within the course of contribute to at least one in three property transactions (530,000) falling by, with an estimated financial price of £1.5bn yearly in charges paid by shoppers alongside misplaced work and leisure time as shoppers deal with buy associated actions.
It additionally famous that the present course of places shoppers off wanting to maneuver once more, performing as a blocker to a well-functioning market. However, 88% of shoppers say they’d be extra more likely to transfer in future if the system have 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 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 properly 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 velocity issues up but additionally present elevated safety for patrons and sellers alongside decreasing the big price – each lastly and emotionally – of property purchases falling by.”
OPDA chair Maria Harris provides: “Mortgage lenders, intermediaries, and their system suppliers have labored extremely laborious over the previous few years to streamline the mortgage recommendation and utility course of. This has been nice for shoppers, making lending choices faster, much less disturbing, and extra dependable.”
“However, with the entire homebuying transaction taking twice so long as shoppers anticipate and a perceived lack of transparency and management, it’s time to deal with bettering all the buyer and trade person expertise.”
“We will solely clear up the challenges and take away the limitations to vary if we collaborate as an trade on the very best methods of working and reworking the outdated practises which can be holding us again.”
“That’s why it’s so vital to have trade heavyweights like Santander UK be part of us and decide to working throughout the ecosystem with a standard objective – bettering the homebuying course of for everybody.”
