The Mortgage Advice Bureau has partnered with property sales progression software provider ViewMyChain to give brokers more transparency during the transaction process.
The brands said the partnership will help tackle some of the common issues that arise during a property purchase and speed up transactions.
Ben Thompson, deputy chief executive of the Mortgage Advice Bureau, said: “We want to try and get to a place where we’re offering our advisers the chance and the stakeholders around the whole moving process to have complete visibility on chains. Ultimately to try and speed up the process.
“My hope is that by the time everyone embraces it – and has the confidence to use it – you start to be able to influence change in the process and much more speedy and efficient outcomes.”
During a recent interview on ViewMyChain’s Property Industry Focus video interview series with the brand’s commercial director Amy Shields, Thompson explained the issues and frustrations faced by his advisers during a transaction.
He said: “I can be a brilliant adviser. I can probably do a lot of chasing work on behalf of the customer that maybe I don’t even need to do.
“But, if the other four parties aren’t going quick enough and I can’t see anything about those transactions, I’m not in a great place to control outcomes and speeds. Any progression in that regard is extremely welcome for the industry.
“Technology has a huge potential to help towards a more efficient conveyancing process.
“If one or two members have got better systems and visibility of the process, they’re going to go about the chain movement more quickly, thereby pulling the slower parties with them, and you’ll gradually have a speed up in the transaction process.
“Ultimately, that’s where we want to try and get to, and move the industry more quickly.”
Paul Halliwell, chief operating officer at ViewMyChain, added: “We’re delighted to partner with the Mortgage Advice Bureau to help bring greater transparency on progress throughout the chain to those involved in the home moving process.”
“The Mortgage Advice Bureau joins our group of trusted strategic data partners, helping to provide insight and automated progress updates against this key milestone within a property transaction.”
> Watch the full Property Industry Focus interivew
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