Home-owners wanting to release some of their equity will soon be able to re-mortgage in three days using Digital Identity functionality – getting their cash just a little sooner than the 18-day average today’s paper-heavy applications require.
That’s going to be via a new piece of ID software developed by one of the core IDPs (Identity Providers) behind GOV.UK Verify, Digidentity, which has teamed up with a mortgage advisor solutions provider called Smartr365 to bring the thing to market.
Digidentity’s bringing its certification and accreditation know-how to the party, creating a unique digital ID that can be used at every step of a mortgage application, and can be trusted by lenders, conveyancers, and even HM Land Registry.
A digital ID created at the beginning of the mortgage application, can then be used to certify the borrowers identity at every stage in the mortgage journey, including to lenders and conveyancers, as well as with HM Land Registry. In fact, we’re told that Digidentity has powered 7,000 digital remortgage applications with the latter in the past few months.
Given that will mean no need to re-submit or re-key any supporting information, time will be saved, as well as there being a better chance of curbing fraud, say the partners.
“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 homeownership process,” promised the CEO of Smartr365, Conor Murphy.
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“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.”
Digidentity UK Business Development Manager, Jonathan Evans, 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.”
The news comes via a write-up of the deal in specialist mortgage sector website, Mortgage Finance Gazette.