Bluestone Mortgages has announced that it will participate in the MyIdentity digital identity scheme.
Following the gov.uk's digital identity trust framework first published in February 2021 and updated in August last year, the government invited expressions of interest in testing the framework. Draft rules governing the future use of digital identities were published last February itself.
Subsequently, MyIdentity, a digital identity trust scheme for the residential property market, was trialled in 11 locations. It allows home buyers and sellers to input their details into a central hub, accessible to all relevant parties in a property transaction, including conveyancers, solicitors, and mortgage intermediaries. Not having to enter these details into different systems repeatedly will help speed up completions, reduce the current administrative burden involved in buying and selling property, and help to lessen the risk of property and mortgage fraud.
Bluestone Mortgages chief compliance officer Andrew Davies says:
“We recognise the importance of digital identity and the need to provide home buyers and sellers with more control over their details. By being part of this scheme, at a time when more people are turning to specialist lenders, we will continue our mission to further streamline the mortgage process in a safe and secure way.”
MyIdentity, which Etive is delivering, allows people to prove their identity online. One hoped-for outcome is that, because buyers and sellers do not have to provide their details repeatedly, house transactions will be completed more quickly and with lower levels of fraud.
Etive managing director Stuart Young comments:
“The MyIdentity trust scheme has attracted a leading non-bank lender to work with us during the pilot. Bluestone Mortgages is a key name in mortgage lending, specialising in complex credit, specialist lending. I expect we will be able to welcome more lenders, including building societies and banks, into the pilot in the new year.”
The scheme is aimed at the residential side of the property market.
The pilot that Bluestone is taking part in will run until December 2022.