Santander has joined the Open Property Data Association (OPDA) as part of an effort by the lender to digitise its homebuying process.
The lender has previously called on the Government to expedite digitisation and improve data sharing across all parties in the process through a Smart Data Working Group.
Research by OPDA has shown that while 83% of consumers said they felt supported by their broker during the mortgage process, more than half (54%) had to keep chasing during the conveyancing process to move things along, and 23% found the documents too complicated.
The association has estimated that difficulties in the process contribute to one in three property transactions falling through, a figure equivalent to 530,000 homes.
Head of homes at Santander UK, David Morris, commented: “Broker guidance and expertise clearly help buyers navigate the early stages of the process efficiently and with confidence, but our research shows that the latter stages of the journey are not fit for today’s buyers.
“We need to address this if we’re going to establish a more seamless and efficient housing market that encourages people to move, whether that be downsizing, second stepping or getting onto the ladder in the first place.
“We’re delighted to be joining the OPDA to drive this mission forward and are well aligned with their calls for action across the industry. We’re urging for more digitisation and the implementation of better upfront data, accompanied by improved data sharing to help simplify and streamline the legal process for all.”
OPDA chair, Maria Harris, added: “With the whole homebuying transaction taking twice as long as consumers expect and a perceived lack of transparency and control, it’s time to focus on improving all of the customer and industry user experience.
“We will only solve the challenges and remove the barriers to change if we collaborate as an industry on the best possible ways of working and transforming the outdated practises that are holding us back.
“That's why it’s so important to have industry heavyweights like Santander UK join us and commit to working across the ecosystem with a common goal – improving the homebuying process for everyone.”
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