Hometrack has appointed payments platform Moneyhub as its preferred open banking partner.

The property data firm says its credit risk hub will be linked to Moneyhub’s open banking technology, allowing for income and spending verification on mortgage applications.

It adds the aim is for more “streamlined mortgage journeys for lenders, brokers and consumers alike”.

Hometrack says brokers will be able to more quickly apply for mortgages on behalf of customers as “lenders won’t have to request information as it will have been collected already”.

It says existing lender and broker-specific rules mean that both parties will see “a tailored view” of income and spending information on each mortgage application.

Hometrack vice president product & solutions Spencer Wyer says: “Our new partnership with Moneyhub has been designed to streamline and simplify the flow of time-critical information between lenders, brokers and consumers.

“To date, this has been a slow-moving, repetitive process, with consumers often having to submit documents more than once; integrating open banking technology into our credit risk hub will create a simplified and expedited mortgage journey for all parties.”

Moneyhub chief operating officer Dan Scholey adds: “Hometrack sees the transformative potential of open finance and together we are revolutionising the mortgage application process for income verification and affordability checking.

“This makes the application process quicker and more cost effective, improving the customer experience and the operational efficiency of banks, building societies and brokers.”

Open finance is part of the open banking initiative, which allows third-party financial service providers to access a consumer’s financial information once permission has been given.

The move, passed by legislation in 2018, is aimed at making banking faster and cheaper by allowing new entrants into the market.