Its recent report, Fixing the Broken Chain, revealed that homebuyers found the conveyancing process to be the most stressful part of a transaction.
Around two-fifths of consumers said getting a mortgage offer was ‘easy’, but 54% reported having to keep chasing during the conveyancing process. Nearly a quarter – 23% – said the documents were too complicated.
The vast majority of people – 88% – said that if the process were streamlined, they would be more likely to move in the future.
Santander is also calling on the government to prioritise digitisation and improve data sharing through a Smart Data Working Group. The bank said joining the OPDA was part of its support for this change.
David Morris, head of homes at Santander UK, said: “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.
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“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.”
Morris added: “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.
“This would not only speed things up but also provide increased security for buyers and sellers alongside reducing the enormous cost – both [financially] and emotionally – of property purchases falling through.”
Maria Harris, chair of the OPDA, added: “Mortgage lenders, intermediaries, and their system providers have worked incredibly hard over the last few years to streamline the mortgage advice and application process. This has been great for consumers, making lending decisions quicker, less stressful, and more reliable.
“However, with the whole home buying 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the barriers to change if we collaborate as an industry on the best possible ways of working and transforming the outdated practices that are holding us back.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 home buying process for everyone.”
