BREAKING PROPERTY NEWS – 25/10/2021

Estate Agent Networking Breaking News

Daily bite-sized proptech and real estate news in partnership with Proptech-X. Today, Stanton looks at the MyIdentity trust scheme and Halifax’s new mortgage rates

 

Digital companies back MyIdentity trust scheme

Five identity service providers and one hub service have committed to the new MyIdentity trust scheme to make home buying and selling in the UK a safe digital process.

The five identity service providers are: Digidentity, Nuggets, OBiD, Thirdfort, and Yoti. Their involvement assures consumers will have fully inclusive choices to prove their identity.

The hub service provider is Mvine whose involvement assures the technical integration throughout the pilot.

The pilot runs from November 2021 to August 2022 and places the new scheme in pole position of private sector digital identity schemes in the UK.

The trust scheme, called MyIdentity, is set to become the central hub for consumers, to help them prove who they are once only in a secure digital way. Under the scheme, home buyers and sellers will no longer be repeatedly asked to give their details to all the parties involved in the chain of transactions.

proptech news
The move means quicker completions and more control over how they share their identity details and who they share their identity details with.

Stuart Young, managing director at Etive Limited, the company responsible for coordinating the scheme, said:

“The MyIdentity trust scheme has attracted five of the leading identity service providers to work together during the pilot. I expect we will be able to welcome more identity service providers into the pilot in the new year.”

“In addition, for the pilot of the MyIdentity trust scheme, we have secured the use of proven hub technology able to seamlessly connect the identity service providers and participants together.

This production grade technology provided by a British firm, Mvine Limited, means the pilot can focus on solving the needs of the users of the scheme rather than spending time ‘fixing the plumbing’ of the information technology” said Stuart Young.

The Residential Property industry, made up of estate agents, solicitors and conveyancers, financial intermediaries and mortgage lenders will recognise MyIdentity as the acceptable source of identity verification because everyone will work to one set of Government-backed standards.

For the Residential Property industry, the combined effect of reducing the number of identity verifications that a consumer has to go through means happier customers and lighter administration processes together with a better way of mitigating the risk of property and mortgage fraud.

Work on MyIdentity started in 2019 with input and consultation from over 100 organisations including the Government, regulators and representative bodies from the estate agency, legal, financial services, and identity service providers.

Stuart Young is a veteran of the space, founding Etive Technologies, a digital data management solutions company, simplifying digital identity management for residential property sales and land and property information. This is achieved through the Digital Log Book® and Property Log Book®.

Etive are designing and implementing the digital identity trust scheme for the home buying and selling process for England & Wales, known as MyIdentity®.

In June 2021 the scheme announced that Estate Agents, Licensed Conveyancers and Mortgage intermediaries operating in Chiswick, Battersea, Clapham, Putney, Wimbledon, Richmond, Kew, Cheltenham, Gloucester, Harrogate, and York are to be the first to benefit this year from trails of a new trust scheme to make home buying and selling a safe and secure digital process.

These geographical areas have been agreed by the trial participants in the Residential Property industry. Further areas may be added in 2022.

 

Halifax now lends at 5.5x income to borrowers with 25% deposit

In response to the spiralling cost of property, the lender Halifax is now offering a mortgage with a multiplier of five and a half times a person’s income, as long as they have at least a 25% deposit and want to borrow between £75,000 to a million pounds, and they also earn £75,000 or over.

Halifax have also increased their lending criteria across their lending book, for others on salaries of £75,000 plus. For example, borrowers who had in the past been able to enjoy multipliers of 4.5 times their income, can now have 4.49 times income as long as they require mortgages for half a million to £750,000.

Andrew Stanton

CEO & Founder Proptech-PR. Proptech Real Estate Influencer, Executive Editor of Estate Agent Networking. Leading PR consultancy in Proptech & Real Estate. Want to contact me directly regarding one of my articles or maybe you'd like a chat about future articles? Email me via editor@stagingsite.estateagentnetworking.co.uk

You May Also Enjoy

Breaking News

A third of UK homes for sale are ‘chain-free’ reports Zoopla

Recent tax changes and incoming council tax premiums for second homes have unsettled property investors and second homeowners with some now looking to sell One week on from the Autumn budget, buyer enquiries for homes that are chain-free are 33 per cent higher compared to those not advertised as chain-free 41 per cent of two…
Read More
Love or Hate Rightmove
Breaking News

Rightmove’s weekly mortgage tracker 06/11/24

The average 5-year fixed mortgage rate is now 4.66%, down from 5.33% a year ago The average 2-year fixed mortgage rate is now 4.92%, down from 5.76% a year ago The average 85% LTV 5-year fixed mortgage rate is now 4.69%, down from 5.40% a year ago The average 60% LTV 5-year fixed mortgage rate is now 4.05%, down from 4.91% a year ago The average monthly mortgage payment on a…
Read More
Overseas Property

Top reasons to consider buying a luxury villa in Phuket Thailand

Those who have worked hard for many years are often looking for ways to invest their cash so that they can enjoy life to the max in their advancing years. Some might decide to dabble in the stock market or insurance policies to enhance their savings, while others might look to purchase something more physical…
Read More
How to add value to your home
Estate Agent Talk

5 Top Tips for Running a Business From Home

Have you ever wanted to start and run your own business from home? Although it’s an incredibly rewarding experience, it can be tough to set up and know where to start, especially if you have no business experience or background! Whether you want to run a small business, or have grand ambitions for eventual expansion,…
Read More
Estate Agent Talk

The Importance of Time Management for Real Estate Investors

Time is one of the most valuable assets for real estate investors, especially when juggling multiple projects, clients, and market trends. Without a strong grip on time management, getting bogged down in tasks that don’t drive growth is easy. You see, every minute spent on admin tasks or low-value activities is a minute that could…
Read More
Estate Agent Talk

Transforming Your Condo into a Next-Gen Smart Home Experience

Gone are the days when we must get up to press a button on the TV to adjust the volume, use actual keys to unlock doorknobs, or turn a knob to control the air conditioning unit's thermostat. These days, all we have to do is sit pretty on our couches, let technology do its work,…
Read More