UK: UK’s first paperless mortgages launched by NatWest

NatWest has become the first UK lender to offer a completely paperless mortgage application, which it claims will help make the home buying process simpler, easier and faster.

A paperless application means borrowers will not need to send a signed application form or any documents through the post. Instead, NatWest will use technology that allows its customers to securely share documents such as bills and passports through an online portal.

When applying for a mortgage, applicants will upload and send their supporting documents before arranging a telephone call, during which a mortgage adviser will guide them through the process and help with any questions. When ready, the customer can sign the final documents electronically, eliminating the need for paper.

This development should help overcome one of the main barriers for consumers completing mortgage applications online.

According to RFi Group data, more than 1 in 4 mortgage applications are started online, but finished offline, with the main barriers to an online application being mandatory offline requirements, affecting 24% of those unable to complete the entire application online, and the inability to verify their identity online, affecting 20%. 

The move is estimated to save more than 4.4m sheets of A4 paper a year.

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