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Record number of remortgage customers sign deeds digitally

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  • 14/10/2019
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Record number of remortgage customers sign deeds digitally
HM Land Registry has reported that 1,000 remortgage deeds have been signed and registered digitally in a milestone for its new ‘Sign your mortgage deed’ service.

 

The service was designed to reduce paperwork and delays when applying for a remortgage and may be extended in the future to include purchases.

Almost 40 per cent of Coventry Building Society’s digital mortgage borrowers used the service and for HSBC it was 25 per cent.

Conveyancer Enact arranged about half of these.

Some customers completed their remortgage in three days with help from the service.

The lender creates a digital mortgage deed template with the Land Registry. The conveyancer uses this template to create deeds and the borrower signs the deed through a secure code after verifying their identity with Gov.uk Verify.

Peter Frost, chief operating officer at Coventry Building Society, said: “Because of the way the service has been designed, the only information needed is an email address, mobile phone number and the borrower’s date of birth. The whole process is online and can be completed at any time of day, speeding up the remortgage process and making it more convenient for home owners.” 

The service was developed by the Land Registry with extensive support from Coventry Building Society and Enact Conveyancing.

The lenders enabled to use the digital service are Atom Bank, Barclays, Clydesdale Yorkshire Banking Group, Coventry Building Society, HSBC, Metro Bank, Molo Finance, Nationwide and The Mortgage Works, Platform/Co-operative Bank, Principality Building Society, RBS and Natwest, Santander, Skipton Building Society, TSB, West Bromwich Building Society.

The conveyancers involved are Enact, Hugh James, LMS, O’Neill Patient and Optima.

The Land Registry said the new service was part of its digital transformation and it would look to develop further innovations making it easier to buy, rent, sell, finance, build and manage property.

Already, data from seven local authorities has been transferred to the digital Local Land Charges Register, a central database for all authorities in England that buyers can search.

They are Warwick District Council, City of London Corporation, Blackpool Council, Liverpool City Council, the Council of the Isles of Scilly, Norwich City Council and Lambeth Council. 

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