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New improvements to proof of residency

Rich


Richard – Head of Financial Crime

Published 19.07.2018

We’re always thinking of ways to make life as simple and hassle-free as possible for our customers. In recent blogs we’ve revealed the launch of our new Buy to Let and Residential Mortgage Submission Guides and an Additional Information Form, as well as improvements to our Standard Declaration Form.

Our latest criteria enhancement means we now only need 1 year’s documentary evidence if we can’t electronically verify your customer’s residential address history.

As we move towards an increasingly paperless society, more people are choosing to receive documents like their bank statements and bills electronically. As a consequence, many customers don’t tend to retain documents for a long period of time. While it’s undoubtedly good for the environment, it can cause problems if they need to produce 3 years’ worth of printed documentation when applying for a mortgage or loan from a lender.

The increase in online activity, however, combined with a system enhancement which has improved the way we carry out identity checks, means there are even more opportunities for us to confirm your customer’s ID and residential history. Providing that the 3 years’ address history keyed into the system can be verified online, there is no need for your customer to send in printed documentation for evidence. In instances where we’re unable to fully verify their details, we’ll ask your customers to provide us with 1 year’s printed evidence. This can be any of the following documents:

  • Most recent mortgage statement.
  • Current local authority rent card or tenancy agreement
  • Credit/debit card statement (no more than 3 months old)
  • Bank/building society/credit union statement or passbook (no more than 3 months old - online statements are not accepted)
  • HMRC correspondence sent to current address (P45 and P60 are not acceptable)
  • TV Licence (pre-printed) or renewal/reminder letter
  • Utility bill (excluding mobile phone and no more than 3 months old)
  • Vehicle Licence reminder

You can find out more in our Anti Money Laundering Guidelines document. If you’ve got any questions about this improvement, please speak with a member of the team by calling 0800 116 4385.

 

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