The first digital mortgage has been registered online via the Land Registry.
A ‘sign your mortgage deed’ service allows borrowers to sign without the watchful eye of a witness, saving time as well as reducing the risk of any documents getting lost in the post.
It also makes the whole process more relaxed as you can create an account and sign the document at your leisure.
The new service Is still being trialled yet could be expanded within the coming months.
The first stage of the digital mortgage service is aimed at those going through the remortgaging process.
To maintain security and safety, a code is given to the user to confirm their identity after being confirmed by a separate system.
The Land Registry said the move is part of wider efforts to simplify the home buying process.
Land Registry chief executive and chief land registrar Graham Farrant said: “By working with partners in the industry, we have secured a simpler and faster service for the benefit of home owners.
“We are looking forward to rolling this out nationally and will be working with more conveyancers and lenders to do so.”
The Land Registry handles land and property ownership worth around £4 trillion.
It contains more than 25 million titles showing evidence of ownership for over 85% of the land mass of England and Wales.
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