A new home buying platform being set up by a challenger portal has revealed details of its mortgage offer to users.
OneDome says its new HomeBuying Platform will slash average transaction times from 20 weeks to 10 as soon as it starts. It ultimately expects transaction times to be cut to just six weeks.
No launch date has been given.
The new platform enables estate agents’ customers to get an instant Mortgage in Principle from one of 65 lending banks, to which the platform is directly connected.
The homebuyers will also be able to fill in a digital ‘fact find’ form and book an appointment with a mortgage adviser vetted by the agent. The whole process can be completed in under 12 mins.
The platform also facilitates a digital onboarding process for clients, the signing of digital contracts and forms. The mortgage transaction can be completed by uploading relevant files to the platform; they are then shared between parties to the deal who need access to the data.
OneDome claims the advantage of the new platform is that it brings together all parties involved in a transaction and then coordinates and automates tasks, managing the transactions based on a specific timeframe.
OneDome chief executive Babek Ismayil says: “Staggering sums of money are lost each year due to various inefficiencies in the homebuying process. This has to change, and technology will help to reduce those inefficiencies.”
Ismayil has pledged £100 to the charity of an agent’s choice if the transaction takes over 10 weeks after being conducted solely through his platform, once it launches.