Coventry Building Society and Enact Conveyancing have lodged the first digitally signed mortgage for a house in Rotherhithe, London.
The first digital mortgage deed was then entered into the Land Register.
The registration of this mortgage deed follows months of testing by HM Land Registry with Coventry Building Society and Enact Conveyancing.
It uses the GOV.UK verify platform to enable borrowers to securely verify their identity before digitally signing their mortgage deed online.
HM Land Registry is looking to eliminate the need for a witness to be present to watch the homeowner sign a paper mortgage deed.
It believes that its 'sign your mortgage deed' service will save time and provide a more secure service to homeowners, lenders and conveyancers.
The registration is part of HM Land Registry's plans to transform the conveyancing market through quicker and simpler digital services and improved use of technology.
HM Land Registry hopes that this will speed up transactions and simplify the homebuying process.
“By working with partners in the industry, we have secured a simpler and faster service for the benefit of homeowners,” said Graham Farrant, chief executive and chief land registrar at HM Land Registry.
“We are looking forward to rolling this out nationally and will be working with more conveyancers and lenders to do so.”
Peter Frost, chief operating officer at Coventry Building Society, said it was delighted to have worked with HM Land Registry and Enact Conveyancing on this industry leading initiative to speed up property transactions.
“Initial feedback has been very positive, with customers finding the process simple, quick and secure.
“Although this initiative has started with remortgages we're excited about the potential for it to be extended to purchases in the future.”
Ben Carroll, managing director at Enact Conveyancing, added: “We emphasise innovation that benefits our customers and improves their experience, so we are extremely pleased to join HM Land Registry and Coventry Building Society on this pioneering effort to transform the conveyancing process.
“This fully-digitised journey will mean that a customer can sign their mortgage deed online at a time and place of their choosing, securely underpinned by the GOV.UK verify platform.“
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Gatehouse Bank closes £100m of commercial property finance
Gatehouse Bank’s commercial real estate team has completed £100m of finance for the first time this year...
Revolut granted European banking licence
Revolut has announced that it has secured its European banking licence...
Starling hires head of SME banking
Starling Bank has announced the appointment of Stuart Doignie as its head of SME banking...
Local brewery secures backing from Development Bank of Wales
The Development Bank of Wales has part-funded a £134,000 capital investment project by Wild Horse Brewing Company...
Metro Bank adds international payments to mobile app
Metro Bank has enhanced its mobile app with the introduction of international payments for its personal and business customers...
How digital technology can help high street banks innovate
As society moves more and more towards a digital future, the closure of retail bank and building society branches is anticipated to accelerate...
Mortgage Industry Collective releases charity single
A group of mortgage professionals have collaborated to release a Christmas charity single to raise money for End Youth Homelessness...
City of London Group appoints first NED for Recognise
City of London Group PLC (COLG) has named Simon Wainwright (pictured above) as the first non-executive director for its subsidiary Recognise Financial Services...
BBB names network director for North and Midlands
The British Business Bank (BBB) has appointed Geoff Whiteland as its new UK network director for the North of England and the Midlands...
Wyelands Bank completes ABL deal for stainless steel supplier
Wyelands Bank has completed a seven-figure, asset-based lending deal for AD Bird Stainless Limited...
Axis Bank names new MD and CEO
Axis Bank Ltd has announced that Shri Amitabh Chaudhry will become its new CEO and managing director...