First paperless mortgage application launched by NatWest
Instead the lender will use technology that allows its customers to securely share documents – such as bill and passports – online.
Customers will upload and send their supporting documents before arranging a telephone call, during which a mortgage adviser will guide them through the process.
When ready, the customer can sign the final documents electronically, completely eliminating the need for paper for the first time ever in the UK.
NatWest said the move is estimated to save more than 4.4m sheets of A4 paper a year and its director of mortgages, Lloyd Cochrane, 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.”
Ishaan Malhi, CEO and founder of online mortgage broker Trussle, said: “This is the first time we’ve seen one of the ‘big six’ lenders make the technological leap to paperless mortgages, and it’s encouraging to see customer-friendly digital alternatives begin to permeate through the industry.”