The government’s proposed overhaul of the homebuying process could save first-time buyers an average of £710 and shorten completion times by as much as four weeks, according to new analysis from digital mortgage broker Mojo Mortgages.

The plans, announced last week, aim to modernise the way homes are bought and sold by requiring sellers and estate agents to provide key information upfront — including property condition reports, leasehold details, and details of any chain.

The government says this will improve transparency, reduce the number of failed sales, and make transactions faster and less stressful.

John Fraser-Tucker, head of mortgages at Mojo Mortgages, said the proposals represented “a significant step forward in streamlining the mortgage process and ultimately, making homeownership more accessible and less stressful for buyers.”

He added: “For too long, the journey to securing a mortgage has been fraught with complexities, often feeling like a labyrinth of paperwork and waiting games.

“For first-time buyers especially, who haven’t experienced the homebuying process before and can end up overwhelmed and shocked at the complexities it entails, these changes are designed to cut through that, offering a more efficient and transparent experience.”

Fraser-Tucker said one of the most important elements of the reforms would be introducing greater clarity and consistency in affordability assessments. “The previous system, while well-intentioned, could sometimes lead to discrepancies and delays as different lenders interpreted guidelines in slightly varied ways,” he said.

“With a more standardised approach, we anticipate a reduction in the time it takes for applications to be processed. Mojo Mortgages’ new study into the homebuying process has revealed it takes, on average, 87 days for a mortgage to go from offer through to completion.

“This means less back-and-forth between brokers, lenders, and buyers, and a clearer understanding from the outset of what is achievable. This clarity will undoubtedly relieve a huge amount of stress for applicants, who often find the uncertainty of approval to be the most challenging part of the process.”

He said that alongside technological advances, the industry was undergoing a “homebuying revolution”, with automation helping to streamline early-stage application checks. “This isn’t just about speed; it’s about accuracy and reducing the potential for human error, leading to a smoother journey overall.”

While the government’s consultation comes amid a slowdown in first-time buyer activity — purchases are down by 7.63% year-on-year — Fraser-Tucker said Mojo Mortgages had seen a 54% increase in first-time buyer applications. “At Mojo, we’ve deliberately expanded our audience of first-time buyers as we feel perfectly placed to help make the process as simple and transparent as possible — the proposed changes will only go to support this experience further.”

He added that collaboration between lenders, brokers and policymakers would be essential to realising the government’s ambitions. “We believe that by working collaboratively with lenders under these new guidelines, we can collectively create a mortgage landscape that is not only robust and responsible but also remarkably more user-friendly.

“The ultimate goal is to empower home buyers, providing them with a clear, swift, and stress-free path to owning their own property.”