The government has announced plans to help simplify the process of verifying borrower identity when buying a property.
Announced as part of Budget 2020, HM Treasury revealed it will create a digital identity unit.
Brokers and other members of the mortgage distribution industry have welcomed moves by lenders to introduce digital identity verification, but called for a coalescing around common standards.
As a result, it is likely this measure will be widely welcomed.
“The government will work to create a digital identity market that makes it possible for people to prove things about themselves without showing paper documents,” Treasury said.
“This will help make opening a bank account, claiming benefits or buying a house simpler, safer and quicker. More secure and cost-effective online transactions will also boost business and the digital economy.”
