The pilot will run from November 2021 to December 2022.
The scheme, which is coordinated by Etive, will allow property buyers and sellers to prove their identity in a secure digital way.
Under the scheme, buyer and seller identities will be verified once and then shared with consent of the consumer to parties in the sales transaction to reduce the need for multiple verifications. This will lead to faster completions and more control of how identity details are shared.
Bluestone Mortgages is a specialist lender and specialises in complex credit, self-employed, credit-impaired and contractors.
Andrew Davies, chief compliance officer at Bluestone Mortgages, said: “We’re delighted to join the digital identity trust scheme and work with the team at MyIdentity on this crucial pilot.
“We recognise the importance of digital identity and the need to provide home buyers and sellers with more control over their details. By being part of this scheme, at a time when more people are turning to specialist lenders, we will continue our mission to further streamline the mortgage process in a safe and secure way.”
Stuart Young, managing director of Etive, said Bluestone Mortgages was a “key name” in mortgage lending and it expected to welcome more lenders, including building societies and banks, into the pilot in the new year.
He added: “The residential property industry, made up of estate agents, solicitors and conveyancers, financial intermediaries and mortgage lenders will recognise MyIdentity as the acceptable source of identity verification because everyone will work to one set of government-backed standards.
“For the residential property industry, the combined effect of reducing the number of identity verifications that a consumer must go through means happier customers and lighter administration processes together with a better way of mitigating the risk of property and mortgage fraud.”
Young said 2022 would be a “defining year” to help improve the home buying and process for customers, and that the current beta work was focused on improving standards around identity.
