Nationwide Building Society has become the first UK lender to complete live mortgage transactions using electronic, unwitnessed mortgage deeds, following a collaboration with conveyancing technology firm Veyco.
The move enables borrowers to sign mortgage deeds digitally using Qualified Electronic Signatures, marking a significant step towards fully digital conveyancing in the UK. Veyco is currently the only technology provider supporting this capability for live borrower applications.
The development follows close collaboration between Nationwide, HM Land Registry, Veyco and conveyancing firm Your Conveyancer, and builds on HM Land Registry’s decision to accept Qualified Electronic Signatures for certain property transactions.
Mortgage deeds are among the most risk-sensitive documents in the home-buying process and have traditionally relied on paper-based, wet-ink signatures and witnessed execution.
Nationwide’s adoption of Qualified Electronic Signatures removes one of the final manual stages in the transaction process.
Qualified Electronic Signatures are identity-verified, tamper-evident and legally equivalent to handwritten signatures. Their use allows borrowers to execute mortgage deeds electronically while providing lenders with confidence over the identity of the signer and the integrity of the document.
Veyco’s technology integrates secure digital signing with identity verification, ensuring that document execution and verification are connected rather than treated as separate stages within the conveyancing process.
CLEAR MISSION
Edd Prosser-Jones, director at Veyco, said: “Veyco began with a clear mission: to develop technology that eradicates fraud and risk across the conveyancing lifecycle.
“Today’s announcement underlines our continued commitment to delivering on that ambition.
“The introduction of Qualified Electronic Signatures into lenders’ mortgage processes represents a genuine sea change for the industry, removing friction for borrowers while eradicating fraud, risk, and uncertainty for lenders on what is arguably their most important document, the legal charge.
“Making the home-buying process faster, smoother, and more secure is now a tangible reality, driven by the work of HM Land Registry’s transformation team, supported by the forward-thinking leadership of Nationwide and Your Conveyancer in pushing the boundaries of innovation.”
Your Conveyancer became the first conveyancer to submit a mortgage deed through the new electronic process, enabling the deed to be registered significantly faster than would be possible using traditional paper-based execution.
Sophie Blackbeard, senior product manager at Veyco, added: “Veyco’s technology has played a key role in enabling secure, identity-verified Qualified Electronic Signatures, simplifying Nationwide’s mortgage process and making it faster, more straightforward, and more efficient.
“Working closely with Nationwide, HM Land Registry, and Your Conveyancer on this project has been a fantastic collaboration, combining expertise across technology, conveyancing, and property to deliver real value for borrowers.
“I’m incredibly proud to have been part of this work, seeing our solutions in action, reducing complexity for borrowers while ensuring the highest standards of legal certainty, has been hugely rewarding and highlights the important role Veyco plays in driving innovation across the property and mortgage sector.”
WELCOME NEWS
Mary-Lou Press, president of NAEA Propertymark, commented: “The conveyancing process remains one of the most common sources of frustration for buyers and sellers, with more than 30% 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 homebuying 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.”
