Welcome to Thinking Outside the Blog

Customer struggling to provide proof of residency in an increasingly paperless society?

Roger Morris

Roger Morris - Group Lending Engagement Director

Published 21.03.2022

I don’t know about you, but it was only when I went to pay for something by card the other day and the machine wasn’t working that I realised how rarely I carry cash around with me these days.

Did you know that five in six payments now involve no notes or coins, compared with a half of all transactions just 10 years ago*?

It would be easy to say it’s just another way our lives have been affected by the pandemic, but I think it’s another example of how much our lives have become digitised, often without us really noticing.

And as we move towards an increasingly paperless society, how many of us now choose to receive important documents, such as bank statements and utility bills, electronically, rather than through the post?

While that’s great for the environment, it can cause customers looking for a mortgage a problem when they’re asked to produce years’ worth of printed documentation by a lender to prove their ID and residential address history.

It’s an issue we recognised here at Precise Mortgages a long time ago, so we now always try and identify customers electronically. It means that if the 3 years’ address history you key into the system can be verified online, we won’t need to see any printed documentary evidence.

On the rare occasions we can’t ID a customer electronically, we may ask to you provide us with up to one year’s printed evidence. For full details, you can find out more in our anti money laundering guidelines document.

It’s just another example of how our straightforward criteria can help you to offer diverse solutions to your customers, particularly those underserved by mainstream lenders who can’t find the product they need on the high street.

Don’t forget if you’ve got any questions, a member of our sales team is always here to help or you can speak with a member of our dedicated support service on 0800 116 4385.


For intermediary use only
BBR 1.25%