Your Guide To Everything eMortgages In Northampton

What Is An E-Mortgage?  

An eMortgage is an electronic, digital version of the documents involved with your mortgage application, which also includes additional electronic documents (such as the eNote). Since the pandemic, eMortgages in Northampton have grown in volume, primarily due to the ease of reviewing and completing the documents remotely. 

Check out our guide on everything you need to know about eMortgages in Northampton: 

• Get To Know The Terms: What Is An eNote?
• Advantages of an eMortgage
• Safety Of Your Documents

Getting To Know The Terms: What Is An eNote? 

An eNote is often included within an eMortgage. This is the virtual version of your promissory note, i.e. a document which usually contains all of the terms relating to your loan, as signed by you (the borrower) and the lender. This document is then uploaded and registered with an online Mortgage Registry (the eRegistry) and can be accessed online. 

Advantages Of An eMortgage 

There are many advantages to opting for an eMortgage over the traditional paper format. The process is often more efficient and convenient for both the seller and the buyer, as documents can be completed at home or in a hybrid setting (in-person and remotely). In addition to this, the process is more environmentally friendly as less/minimal paperwork is involved. 

There are also enhanced security benefits and reduced risk of error; on submission, the application is scanned to ensure that all of the correct information has been included and no key sections have been missed. Where there is information missing, this is flagged for the user’s attention to complete before proceeding with the submission. 

Safety Of Your eMortgage Documents

When it comes to the safety of your documents, eMortgages tend to have the upper hand on security too. This is because there are often enhanced procedures in place to ensure that only the individuals who have permission to access the documents can in fact access them, and precautions are taken to ensure anyone else is not able to view the documents. 

With this electronic format, you’re able to create additional safety elements and more bespoke security settings. There is also a reduction in the likelihood that documents that may contain sensitive information are misplaced or lost.

Want To Find Out More about eMortgages?

The mortgage application process can be highly stressful and uncertain, especially for first-time buyers. After our initial consultation to discuss your circumstances, we can help you find suitable products to suit your bespoke needs, which may include an eMortgage. 

To find out more information and get started, speak with one of our Mortgage Advisors in Northampton today.