Following the launch of the new paperless mortgage process by NatWest, other high street lenders have shown less enthusiasm for the digital process.
As more consumers carry out more transactions online, the paperless mortgage has been eagerly anticipated. It is believed that the digital process will speed up the mortgage application process, and NatWest said that its new process could reduce the time it takes for a mortgage offer to be made to just 10 days.
NatWest stated that it was the first lender to offer a mortgage application process on a paper-free basis, although other lenders have claimed that they offer an online system for the application and that documents may be submitted electronically. Many of the lenders do offer a partially digital process, but have no plans to convert to a fully digital model.
A spokesperson for Halifax said that the bank would be offering further enhancements to its existing process in the near future, to improve the service. HSBC, meanwhile, has stated that work is ongoing to improve its digital offering.
The director of London Money, Martin Stewart, said that he did not think paperless mortgages should be the main priority for lenders, as most borrowers are more concerned about whether they will be approved for the mortgage than how the application is made. He added that most buyers would be willing to complete lots of paperwork if they believed it would be of assistance to them.
For mortgage advisors, their priority is to ensure that buyers have access to a mortgage suited to their requirements, and they invest considerable time on CeMAP training courses to ensure they are suitably qualified.
