The Land Registry has just announced celebrating a milestone in its history when it registered the first mortgage to be signed electronically. The mortgage, or "e-charge", in favour of Coventry Building Society, was signed electronically by the borrower and registered at 11:20 on 24 March 2009
The Land Registry said that the landmark occasion was an important step in its programme of introducing new electronic services and helped to make property transactions easier for all.
Julie Speed, national accounts director at Evaluate Technologies, said: “This is one small step for financial services but one giant leap for the mortgage sector. This further endorses the need for all areas of the market to look at technological advances and reinforces the fact that the mortgage sector is increasingly looking to online solutions as the way forward.
“At Evaluate we are experiencing growing numbers of networks and advisers enquiring about our systems to replace antiquated ones that are currently operating in the market. As a technology focused company we are looking to drive standards forward and ultimately improve the broker and consumer experience. We are receiving great encouragement that online represents the future and will continue in our quest to rid the sector of low value activities and help brokers write business with increased speed and efficiency.”