The firms say the multi-million pound joint venture will offer the first complete HIP product service approved by mortgage lenders in the UK and will improve efficiency and transparency in the homebuying process as it will ensure all details of a property, including valuations are documented and made available prior to it being placed on the market.
Following the re-election of the current government the HIP legislation remains one of the most important facets in the home buying reforms with the ‘dry run’ starting in 2006. The firms says the success of HIPs is reliant on the whole process being streamlined including the valuations required by lenders.
Giles Mackay the Chairman of Hometrack commenting on the joint venture said: “This collaboration will bring to reality the provision of a complete HIP and mortgage approved product right from the point of sale which is fundamental to the transparency and success of the HIP model.”
Commenting on the new joint venture Maria Coleman the CEO of Open Book, pioneer and first commercial provider of HIPs in the U.K. says: “We are dedicated to helping raise standards, matching the government’s determination to provide a fully integrated product for the independent market with an emphasis on simplicity, transparency and ease of use for consumers and estate agents alike.”
Both organisations have been involved in HIP development since the Government announced their plan to introduce the reforms back in 2000.
