NatWest has become the first bank to launch a paperless mortgage. The bank’s customers can now apply for a completely digital mortgage which uses the latest technology to securely share and verify documents online.
The new proposition means customers do not need to post signed paperwork or identification back and forth. This marks the first time that a customer in the UK will be 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 paper a year. With this new proposition, mortgage offers can be made within 24 hours and an average offer is 10 days faster than before.
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 license, 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 be able to 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.”