Nationwide becomes the first UK lender to support major rule change for homebuyers
Nationwide has become the first bank in the UK to implement a major rule change that will make the process of buying a home much easier.
On Tuesday 10 February, the lender became the first to allow mortgage deeds to be signed electronically, without the need for a witness.
Going forward, anyone buying a property or looking to remortgage with Nationwide will be able to sign their mortgage deed electronically, provided their solicitor or conveyancer is set up to use Qualified Electronic Signature (QES).
A mortgage deed legally ties your mortgage to your property, and these have historically required a physical signature on paper, witnessed by an appropriate person.
Thanks to a decision taken last year by HM Land Registry, lenders are now able to use secure electronic signatures instead.
Nationwide said a QES offers better protection for customers and protects against tampering, while also speeding up the process of buying a home significantly.
The first conveyancer to use QES to sign a mortgage deed with Nationwide was Your Conveyancer, with partnered with its technology provider, Veyco to activate the system.
The document signed was a remortgage application and enabled the deed to be sent for registration much quicker than it would have taken with a physical signature.
Now that conveyancers and technology providers have begun to adopt QES, homebuyers can expect other lenders to also start offering digitally signed mortgage deeds in the near future.
“This is a significant step forward for the UK property market, setting a new standard for secure and convenient transactions,” said HM Land Registry Digital Services Deputy Director Andy Roddy.
“The adoption of QES marks a positive shift towards a more efficient, digital future for property professionals and consumers alike.”
“By embracing QES, Nationwide is not only enhancing security and speeding up the process for homebuyers but also paving the way for wider adoption across the market,” Roddy said.
“We look forward to seeing others follow Nationwide’s lead, helping to make property transactions simpler and safer for everyone.”
