Partnership to slice three days off HIPs

The union will see customers filling in their details and making payment for their HIP online - a move that is hoped to shave at least three days off the time it takes to produce a standard HIP.

Additionally, borrowers can opt to put off paying their HIP until the sale of the property goes through.

Richards Gray MD, Mike Richards believes that these rolling changes to the way firms deal with HIPs is testament to the fact that the industry is still adapting and improving its service.

“I always find it remarkable how quickly some critics are willing to declare that HIPs have been ‘proven a failure,'" he said.

“Ultimately, the purpose of HIPs is to provide buyers with more information when buying a new home, and to make the conveyancing process quicker.

"We believe the paperless financing service will cut at least three days off the time between a customer walking into the estate agents to ask for a HIP, and receiving the pack.

"We are one of the first HIP providers to offer this service, but I’m sure many more will follow in our footsteps, because the industry wants to show that HIPs can work, and that they can make the home-buying process quicker.”