In a world where technology is constantly advancing, the performance of everyday tasks as well as the way we run our businesses is gradually shifting in favour of a faster, simpler and more digital approach.
The property market has witnessed a number of enhancements in the form of virtual reality property tours and low-carbon smart technologies, but paperless mortgages are the most recent trend to emerge on the property scene.
Currently only available for remortgages on properties, experts have developed an online alternative to the write my paper services, rigorous demands of long meetings and paper contracts. A recent trial proved a success with the first mortgage entered into the Land Register.
The ‘sign your mortgage deed’ service received excellent customer feedback, giving the green light for the process to go national in 2 months. Banking giant NatWest has confirmed it plans to introduce the paperless mortgage very shortly.
How Does it Work?
HM Land Registry has been working with Gov.uk to generate a site where users can log in, confirm their identity and authorise their remortgage with an electronic signature. There is no longer any need for witnesses and signatures on hardcopies with this new and sophisticated online system.
Furthermore, the increased awareness of 21st century digital technologies means that most of the population are already familiar with features such as online banking that will assist in the learning process for paperless communications.
At the moment, first-time buyers still have to apply for a mortgage the traditional way, but plans for the future hint at an all-encompassing system that can be utilised by all buyers.
Hassle Free and Speedy Service
The aim of the paperless mortgage is to provide a much more user-friendly facility that cuts out unnecessarily long meetings and the tedious signing of multiple documents. A digital website will speed up property transactions and save time for investors and homeowners that are choosing to enter into the remortgaging process. The faster technique for acquiring mortgages could take up to 10 days off the process.
With mortgages seeming extremely complex at first glance, the improved online method works to enable the market for easier access by its consumers.
Taking the process online will eliminate the risk of losing important documents that must be sent back and forth in the post. The signature validation is also considered a much safer way to confirm a mortgage deed as the content cannot be tampered with or changed in any way. Customers can upload supporting documents such as passports All involved in the transaction can benefit from the maximum level of assurance.
The system is literally saving paper in a bid to cut down on deforestation. Many don’t realise that mortgage paperwork kills hundreds of trees every year. With an average of 280 pages being used for one single mortgage, the new changes are predicted to save more than 4.4 million sheets of A4 paper. These statistics really put into perspective how the more eco-friendly approach to mortgages is not only changing the face of the property industry, but bettering the environment too.
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