NatWest has started offering a 100% paperless online mortgage service.
The bank is the first lender in the UK to offer the service, ahead of changes to be made by banks to make the mortgage application process easier for customers who want to apply online. It is now possible for NatWest customers to transact online, sign documents digitally, upload and share all relevant documentation, like statements and pay slips, and apply for a home loan.
NatWest mortgages, which are applied for by telephone, will also be available paper free, which is estimated to save almost four and a half million sheets of paper every year. The digital process aims to be available to in-house mortgage advisors by the year end, according to the lender. The director of mortgages for RBS and NatWest, Lloyd Cochrane, says the new service will transform the UK house buying process, making it faster and easier.
Customers will be able to complete an initial form to find out how much they may be able to borrow. If they pursue a mortgage, the customer will be able to upload initial documents required as proof of income and identification. An appointment will then be made with an advisor, either by video call or telephone. It is also possible to sign documents using either a tablet or a mouse.
However, the only products available will be from NatWest, which although they are competitive, may not always be the most suitable. Mortgage advisors are all required to study on a CeMAP course, so you should seek advice before making an application.
