Customers can now upload and and verify documents online, including ID and bank statements, before they speak to a mortgage adviser over the phone.
NatWest is the first UK bank to offer mortgages on a paperless basis.
Customers can now upload and and verify documents online, including ID and bank statements, before they speak to a mortgage adviser over the phone.
Previously mortgage applicants used up 66 sheets of paper per case.
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.”
Advisers can guide customers through the process using screen sharing software V Screen.
They can highlight key parts of text in documents and help the customer with questions.
For security purposes customers are asked to take a picture of themselves using a webcam or phone to cross reference with their photo on their ID.
Ishaan Malhi, chief executive and founder of Trussle,added: “This is the first time we’ve seen one of the ‘big six’ lenders make the technological leap to paperless mortgages, and it’s 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."
