A building society said today it has launched the UK's first totally online mortgage application process.
Yorkshire Building Society said consumers could now apply for any mortgage in its range entirely over the internet without the need to fill in any paper forms or even sign a contract or write a cheque.
The group believes it is the first lender to introduce a mortgage that consumers can take out over the internet without having to send off any paperwork.
It said the main obstacle for online mortgage applications was generally that the lender needed the borrower's signature, meaning the customer had to print off the completed application form, sign it and then post it to the lender.
At the same time, lenders also needed to see proof of a customer's identity, and as a result documents such as passports and driving licences have to be either posted to them or brought into a branch.
But Yorkshire BS said it had overcome both of these problems, enabling the entire application process to take place online.
It said it had replaced the need for a signature with an online declaration, under which consumers tick a box saying that they accept the terms and conditions, and this is then date and time-stamped electronically by the building society.
It has also joined up with credit reference agency Experian to verify the identity of a consumer, with Experian using a number of tools to give each applicant a confidence score.
Yorkshire BS said it was able to verify the identity of around 75% of all online applicants in this way.
The group's online mortgage application system also enables consumers to use a credit or debit card to pay the fees associated with a mortgage, so they do not need to post a cheque.
David Jackson, head of e-commerce at Yorkshire Building Society, said: "Customer feedback highlighted that the delay caused by posting information to the society, coupled with the risk of valuable documents being lost, were big drawbacks to the online mortgage process and were therefore a priority for us to address.
"I'm delighted with our solution, which is both innovative and effective in meeting customer demand for a faster, slicker online experience."