UK bank makes major change to ‘help speed up’ buying a home

The building society aims to help modernise the home-buying process

Nationwide Building Society has announced a significant step towards streamlining the home-buying process, confirming that mortgage deeds can now be signed electronically without the traditional requirement for a witness.

This change means people purchasing a property or remortgaging with Nationwide can utilise qualified electronic signature (QES) technology, provided their solicitor or conveyancer is equipped to do so.

This modern approach is currently applicable to properties located in England and Wales.

Traditionally, a mortgage deed, the crucial legal document linking a person's mortgage to their property, has necessitated a physical signature on paper.

However, Nationwide will now accept QES – a secure, identity-verified form of electronic signature – following the Land Registry's decision last year to integrate this into the mortgage application procedure.

The building society highlighted that this progressive move was made possible through a collaborative effort involving the Land Registry, Your Conveyancer, and technology provider Veyco, aiming to reduce inconvenience and accelerate transactions.

Nationwide Building Society has said it will allow mortgage deeds to be signed electronically, without the need for a witness, as part of moves to help speed up and remove some of the inconvenience from the home-buying process (PA Wire)

Henry Jordan, Nationwide’s group director of mortgages, said: “Nationwide is committed to speeding up the home-buying process and reducing the stress and inconvenience that can come with buying a home.”

Andy Roddy, deputy director – digital services at the Land Registry, said: “We look forward to seeing others follow Nationwide’s lead, helping to make property transactions simpler and safer for everyone.”

Martin Bourke, managing director of Your Conveyancer, said the initiative “demonstrates what can be achieved when the industry works together to modernise the home-buying and remortgage process.”

He added: “The innovation removes one of the last remaining paper-based steps in the transaction, helping clients and customers complete their remortgage or purchase transaction utilising a fully digital journey.”

ADVERTISEMENT

ADVERTISEMENT

Edd Prosser-Jones, Veyco’s partnerships director, said: “Making the home-buying process faster, smoother and more secure is now a tangible reality.”

Nicholas Mendes, mortgage technical manager at John Charcol, said: “This is a genuinely significant step for the mortgage market. The mortgage deed has been one of the last stubbornly paper-based parts of the process, so allowing it to be signed digitally removes real friction rather than just polishing the edges.

“For borrowers, it should mean fewer delays at a critical point and less reliance on printing, posting and witnessing documents at short notice. It also adds more certainty at exchange, with fewer moving parts at a point where transactions are most vulnerable to delay.

“For lenders and conveyancers, removing the need to physically handle and return deeds should cut out last-minute hold-ups that often sit outside the buyer’s control.

“Crucially, this is not just about speed. The identity checks and audit trail behind qualified electronic signatures strengthens protection around one of the most important documents in the process.”

Nationwide will now accept QES – a secure, identity-verified form of electronic signature – following the Land Registry's decision last year to integrate this into the mortgage application procedure. (Getty Images)

Mr Mendes added that “the real benefit will come as more firms follow and this becomes the default, not the exception”.

Mary-Lou Press, president of NAEA (National Association of Estate Agents) Propertymark said: “The conveyancing process remains one of the most common sources of frustration for buyers and sellers, with more than 30 per cent of housing transactions taking over 17 weeks to complete on average.

“These prolonged timescales only serve to increase pressure and uncertainty during what is already one of the most stressful financial commitments people will make in their lifetime.

“It is therefore welcome news that technological improvements will allow mortgage deeds to be signed digitally, helping to remove unnecessary delays from the process.

“Embracing digital solutions has the potential not only to speed up transactions but also to improve accuracy, reduce administrative burdens, and give buyers and sellers greater confidence as they move through the system.

“As the home-buying process continues to modernise, it is vital that these innovations are adopted consistently across the mortgage and conveyancing sectors.

“Widespread take-up could play a significant role in reducing transaction times, improving consumer experience, and helping to create a more efficient and resilient housing market overall.”