Mortgage Advice Bureau (MAB) has partnered with Gazeal, a property technology firm which seeks to significantly reduce the time between offer and exchange on a residential property.
It does this by providing a digital legal pack when the property comes to market and a reservation agreement for buyer and seller agreeing the terms of the sale before exchange of contracts.
According to Rightmove data, one in three property deals in the UK falls through between offer and exchange and Gazeal aims to plug that gap.
As Gazeal’s official financial services partner, MAB says it will use its mortgage and protection expertise to ensure that buyers are in a good financial position before they proceed with an offer.
Peter Brodnicki (pictured), CEO of Mortgage Advice Bureau, said: “We’re excited to work with a like-minded business that uses technology to streamline processes but still keeps people and quality advice at the heart of the customer journey. Technology is helping both Gazeal and MAB to increase the speed, ease and convenience of buying and selling a home.
“Anything which brings a level of certainty to the home moving process can only be a good thing – getting an upfront commitment from the buyer and seller gives comfort to both parties.
“Engaging with a mortgage adviser as early in the home buying process as possible makes complete sense. It ensures you can comfortably afford your dream property before setting your heart on it – therefore we really welcome the process and platform Gazeal have introduced as it brings the mortgage to the beginning of the negotiations.”
The government is working on plans to introduce reservation agreements as a legal process in England and Wales for everyone buying and selling a home. Currently, reservation agreements are only used when purchasing a new build home and Gazeal is the leading company following this process for all transactions.
Bryan Mansell of Gazeal, said: “Mortgage Advice Bureau was an obvious choice to partner with as they share our vision to make buying and selling a property more transparent, secure and easier. They are also clear market leaders in their sector and work closely, as we do, with estate agents all over the UK.
“We feel strongly that the customer gets key advice throughout the process, from experts, thus enabling them to make decisions with more information available. We provide the property information, we also provide information on our conveyancing partners and now with our partnership with Mortgage Advice Bureau, mortgages.
“Understanding the availability of the right mortgage is so often left to the last minute and we fully support the need to explore this much earlier in the buying process, ideally before potential homes are viewed and definitely before an offer is submitted. Gazeal’s digitally produced legal pack including searches is delivered to the buyer’s conveyancer, on behalf of the seller at the very same day they agree the deal.
“This legal pack, alongside a mortgage decision in principle, and our reservation agreement, significantly improves the certainty of the deal and dramatically cuts down the time it takes for people to move into their dream home, which is what everybody wants.”