NatWest has launched the UK’s first paperless mortgage, which promises to dramatically reduce turnaround times.
The lender claimed the innovation means offers can be made within 24 hours and the average offer time will be 10 days faster.
Instead of sending signed paperwork or personal and private information through the post, borrowers can upload documents such as a driving licence, passport and payslips via an online portal.
A telephone call with a mortgage adviser will then be arranged to guide the customer through the process, before they sign the final documents electronically using a mouse or tablet.
All NatWest mortgages applied for over the phone will be offered paper-free – a move the lender said could save over 4.4 million sheets of A4 paper a year.
Lloyd Cochrane, director of mortgages at NatWest, said: “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.”
Ishaan Malhi, chef executive and founder of online mortgage broker Trussle, said: “This is the first time we’ve seen one of the ‘big six’ lenders make the technological leap to paperless mortgages and it is encouraging to see customer-friendly digital alternatives begin to permeate through the industry.
“Reducing paperwork is one of the low hanging fruits when it comes to technological innovation, and there’s much more lenders could be doing to improve the mortgage process for borrowers.”