THE ROYAL Bank of Scotland has launched what it claims to be the UK’s first tree friendly mortgage.
It says customers can now apply for a digital first mortgage allowing them to share and verify documents online only.
The bank estimates it could save as much as 4.4million sheets of A4 paper a year – enough to stretch between John O’Groats and Land’s End.
All RBS mortgages applied for over the phone will now be offered paper free deals.
Customers will be able to upload the documents required for an application, such as a driving licence, passport or payslips in advance through a secure online portal.
The customer will eventually sign the final documents electronically using a mouse or tablet.
Lloyd Cochrane, Director of Mortgages Royal Bank of Scotland said: “This innovation will make the process of buying a new home much simpler, easier and faster for our customers, transforming the way homes are purchased in the UK.”
No detail was given of how much money the bank itself would potentially save as a result of the paperless switch.
Want to learn more? Read: RBS – we are building a more sustainable bank
Image Credits: House CC image4you, paper stack CC Cocoparisienne