Stipendium launches move-in product Merge

Stipendium has launched its first product, Merge, which aims to make buying a home faster, cheaper and easier by bringing everything onto one digital platform.

This includes access to mortgages, property searches, selling a property, valuations, conveyancing, surveys, home services, utility deals, and insurance – all with step-by-step guides.

Merge also offers a lifetime remortgage service, for no extra charge, whenever a customer needs it.

Merge is the first product launched by Stipendium, a platform designed to make customers’ major life events simple.

Stipendium will also cover complex events such as investing and making a will.

There is no expensive subscription to Merge. It is accessible via the Stipendium website for a one-off fee via a voucher code that customers use to unlock their house-buying journey.

Empowering house-buyers

Merge provides a transparent view of their house purchase and move, plus real-time updates and notifications when a task requires attention.

A recent study of first-time buyers showed how mystifying terms in the process can be, with 62% believing ‘exchange’ referred to swapping keys on moving day.

Merge educates customers throughout the house-buying and moving journey, with jargon busters, checklists and guided wording – so they always know what’s happening, when and why.

By simplifying the process, Merge’s aims to help people desperate to get on the property ladder. First-time buyers are getting older and renting costs 2% more a month than a mortgage on average. So first-time buyers urgently need help and education on how they can afford a home.

Enhancing estate agency value propositions

Merge has been built to be able to sit within the realms of an estate agency’s proposition to enhance their current offering, especially if they don’t offer a full house purchase service.

The product could not only provide a well-rounded service for the estate agent but speed up the process for both parties, assist with questions that a house-buyer might have, as well as acting as an additional revenue stream for the estate agent.

Available directly, or as a gift or employee reward

Like all Stipendium products, Merge will be accessible directly to individuals; as a gift; or as an employee reward.

Merge will also sit on several of the UK’s largest employee benefit platforms, allowing employers to easily offer it as a benefit and invest in the wellbeing and security of their employees.

Christina Melling, CEO of Stipendium, said: “Merge is a comprehensive house purchase journey in a box. We are confident it will be welcomed as a revolutionary tool by house buyers, and the employee benefits and property technology (proptech) industries as it accelerates transparent house purchase journeys for consumers, estate agents, property developers and mortgage advisers.

“Merge will streamline and defragment the house purchase journey as we know it, making the process less daunting, and more cost-effective and informative. It will also minimise errors and delays and give house-buyers direct access and visibility over the house-buying process. An end-to-end property transaction takes 63 days on average and we aim to reduce that significantly.

“Buying a home is usually the biggest financial decision we ever make and can be emotionally overwhelming. The UK’s current home-buying process may seem otherworldly to younger people who are used to an instant culture. However, the right digital journey will make home-buying much closer and easier for them.”

Melling highlighted that investment into the UK proptech sector grew annually by 360% and hit a record £1.6 bn in 2021.

“It’s time to evolve the property purchase market,” she said. “Consumers, and the UK property and mortgage industries, recognise this. The mortgage market and number of borrowers are growing. Digital tools connect brokers seamlessly to these borrowers and reduce inefficiencies in the relationship.”

Melling also emphasised that many employers desperately need a comprehensive employee value proposition to underpin financial, mental and physical wellbeing. Recent research showed 62% of employers believe financial wellbeing affects engagement and 84% say it attracts top talent. Yet only 41% offer benefits that support it.

“Merge boosts wellbeing by addressing the employee’s lifecycle and journey towards financial security,” she said. “We have partnered with the best in the industry and are excited to continue to broaden and evolve Merge with plans to integrate a complete property portal. We look forward to integrating yet more tools and services as Merge continues to futureproof the house-buying journey.”

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