NatWest launches UK’s first paperless mortgage
NatWest says it is to become the first UK bank to offer a paperless mortgage – as customers can now apply for a completely digital mortgage and share and verify documents online.
The new proposition means customers don’t need to send signed paperwork or personal and private information through the post.
Lloyd Cochrane, director of mortgages at NatWest, says: “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.”
All NatWest mortgages, applied for over the phone will be offered paper-free, which, with an eco-friendly boost, could save over 4.4 million sheets of A4 paper a year. NatWest says if all the sheets of paper were lined up end-to-end they would stretch from Land’s End to John o’Groats. (If you travel the UK you may be forgiven for thinking that has already happened. There is litter everywhere.)
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 licence, passport or payslips through an online portal.
A telephone call with a mortgage adviser will then be arranged to guide the customer 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 sign the final documents electronically using a mouse or tablet.