New ‘digital mortgages’ launched

New “digital mortgages” have been launched as the Land Registry moves the process online to save time and inconvenience for homeowners.

The Land Registry announced the first mortgage deed not to have been signed with a pen and paper has been accepted as part of a trial with Coventry Building Society.

It said a new online verification service which phases out the need for signature witnesses and posting pieces of paper will be launched nationally within two months.

To prove their identity homeowner will need to digitally sign their mortgage deeds and enter their personal information into a Gov.uk verification portal.

The digital system will initially only be available for remortgage customers.

This means first time buyers and other customers taking out a new mortgage will still need to use pen and paper for the foreseeable future.

 

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