This comes just four months after the 1,000th deed was registered in October 2019. The first digital mortgage was registered on 5 April 2018 on a house in Rotherhithe, London.
The number of digital remortgages being registered is increasing so quickly it’s likely that almost 8,000 deeds will have been registered digitally by the end of the month.
By volume, the top three lenders using the service are HSBC, Santander and Nationwide and the top three conveyancers are LMS, Enact and Optima.
Michelle Andrews, HSBC UK’s head of buying a home, said: “We are always looking at how we can improve the service we provide to our customers and using ‘digital deeds’ is another way we have been able to speed up the journey for existing customers who switch rates.
“We are extremely proud to have delivered one in three of all digital deeds signed and registered so far and look forward to providing many more during 2020.
Nick Chadbourne, chief executive officer of conveyancing solutions provider LMS, commented: “The Land Registry’s digital application portal reaching 7,000 applications is a fantastic milestone, and we’re proud to be supporting them in this achievement.
“It’s an exciting time for the industry and there’s a great deal more to come. In particular, at LMS we are currently working to expand the case types who can reap the benefits of digital mortgage applications.
“We are looking to drive this innovation by linking more trusted lenders and lawyers with potential borrowers and continuously working to provide the most streamlined and secure service to customers as possible.
Details on the digital mortgage service
The service was launched by HM Land Registry to reduce paperwork and delays when applying for a remortgage. Eventually the service will apply to all mortgages but there are no immediate plans at the moment until further testing is completed.
Some customers have been able to complete the remortgage process in three days, 18 days less than average for a paper transaction.
The only information needed is an email address, a mobile phone number and the borrower’s date of birth. The need for witnesses and physical paperwork is eliminated, instead borrowers digitally sign their deed online.
Because the whole process is completed online, it can be done at any time of the day and anywhere with an internet connection.
Firms currently using the service
The lenders actively using the digital mortgage service are Barclays, Coventry Building Society, HSBC, Nationwide and The Mortgage Works, Principality Building Society, RBS and NatWest, Santander and TSB.
The conveyancers using the service are Enact, Hugh James, LMS, O’Neill Patient, Optima, QCAS (Shulmans) and Solex (via LMS).
HM Land Registry is working with other mortgage lenders and conveyancers to help them get ready to use the new service. Mortgage lenders and conveyancers who are interested in using the service should contact [email protected].
The service has been shaped with the extensive support and feedback from Coventry Building Society and Enact Conveyancing during the initial development phase. Their contributions have been crucial to ensuring the service’s success.
