Mortgage Finance Gazette
NatWest says it is the first UK bank to offer a paperless mortgage.
The bank’s customers can now apply for a completely digital mortgage which utilises the latest technology to securely share and verify documents online.
Customers don’t need to send signed paperwork or personal and private information through the post. The bank says this is the first time a customer in the UK has been able to apply for a mortgage without paper copies of documents being produced.
All NatWest mortgages, applied for over the phone will be offered paper-free, which could save over 4.4 million sheets of A4 paper a year. If all the sheets of paper were lined up end-to-end they would stretch from Land’s End to John o’Groats.
In advance of a call with a mortgage adviser, customers will be able to upload the documents required for an application, such as a driving licence, passport or payslips through a secure online portal.
A telephone call with a mortgage adviser will then be arranged at a convenient time for the customer to guide them through the process.
It will be possible for the adviser to highlight key parts of text in documents and help the customer with any questions. The customer will sign the final documents electronically using a mouse or tablet.
Lloyd Cochrane, director of mortgages at NatWest, said: “This innovation will make the process of buying a new home much simpler, easier and faster for our customers, transforming the way homes are purchased in the UK.”
