First digital mortgage deed signed with Coventry BS

Capital

The first digital mortgage deed has been signed online with Coventry Building Society for a house in Rotherhithe, London.

The Land Registry has been working for two years on its digital mortgage service, called Sign Your Mortgage Deed.

The scheme has been in active trials for months with Coventry and Enact Conveyancing.

The new process is meant to save time and add security compared to the traditional method of signing a physical piece of paper in front of a witness.

The service means consumers can digitally verify their deeds online.

HM Land Registry chief executive Graham Farrant says: “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.”

Coventry Building Society chief operating officer Peter Frost says: “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.”

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  • Tom O'Connor 5th April 2018 at 10:54 am

    Congratulations to everybody involved. Removing another bottleneck from the process can only mean happier customers and shorter times to completion. Another triumph for Coventry BS and the Land Registry.