"Our users will be able to use the digital ID collected at the start of the mortgage process to authorise remortgages, saving time and reducing the risk of fraud."
Borrowers will be able to complete the process in as little as three days, 18 fewer than for a paper transaction.
Smartr365 has partnered with Digidentity for the launch, which is the only organisation with the requisite certification and accreditation to provide this service.
A digital ID created at the beginning of the mortgage application can be used to certify the borrower's identity at every stage in the mortgage journey, including to lenders and conveyancers, as well as with HMLR.
Individual identities – confirmed with photographs, document scans, and income details – can be used from end-to-end, with no need to re-submit or re-key any supporting information.
Smartr365 says the new system will save all parties time and back-end processing costs, whilst delivering compliance to KYC regulation and reducing fraud.
Digidentity has facilitated the digital signing of around 7,000 remortgage deeds with the Land Registry in the past five months. The Land Registry hopes to extend the service to purchase transactions in the near future.
Conor Murphy, CEO of Smartr365, said: “Technology is the key to a faster and more secure mortgage process, and it’s important that we work to enable this reality across the whole home ownership process. Our users will be able to use the digital ID collected at the start of the mortgage process to authorise remortgages, saving time and reducing the risk of fraud. We’re the only platform offering this service, and we’re excited to give our users a truly industry-leading platform.”
Jonathan Evans, UK BDM at Digidentity, added: “Digital ID has already changed the mortgage process for the better, and we’re delighted to be able to extend this to even more remortgagers and their brokers together with Smartr365. Working together to remove even more hassle from the process benefits everyone involved, simplifying remortgaging for lenders and conveyancers on top of brokers and borrowers. We look forward to expanding this capability across more stages of the home ownership process soon.”
