PEXA has revealed that Shawbrook has become the first bank in the UK to begin transacting remortgage cases on PEXA’s new digital exchange and payment system.
The specialist lender completed its first transaction this week, with the support of Pure Law, a law firm specialising in property and mortgages. Shawbrook’s successful onboarding follows that of Hinckley & Rugby Building Society in September.
Using the new technology, Shawbrook and Pure Law were able to orchestrate financial completion directly from the lender’s account, and could collaborate to lodge the application for registration with HM Land Registry, streamlining a process that typically takes days into minutes.
The partnership with Shawbrook is PEXA’s first collaboration with a bank.
The addition of Shawbrook coincides with enhancements to PEXA’s platform, including the delivery of a standardised mortgage deed.
James Bawa, PEXA UK CEO, said: “Today marks another important milestone in the digitisation of the remortgage market, and the broader adoption of the PEXA platform for the benefit of UK citizens. In what is a true tripartite relationship, we’re incredibly pleased to partner with Shawbrook Bank and Pure Law.
“Shawbrook shares our determination to leverage data and technology to deliver speed and simplicity for borrowers – and crucially – to improve tangible outcomes. Working with Shawbrook means our transformative approach will quickly benefit those borrowers in the specialist lending space.
“Pure Law brings a much needed innovative and streamlined approach to conveyancing in the mortgage industry. This is all the more vital amidst the current uncertain and rapidly changing market conditions consumers are faced with. The faster and more streamlined the process is, the greater certainty and confidence offered to borrowers.
“There’s certainly more to come, as we are working closely with the lending and conveyancing community, and we look forward to announcing new lenders coming onto the platform in due course.”
Emma Cox, managing director real estate, Shawbrook, added: “Completing our first transaction using PEXA, working alongside Pure Law, is another notable example of Shawbrook’s commitment to collaborating with best-in-class partners and using data and technology to deliver a seamless service to our specialist property finance customers.”
John Symns, CEO of Pure Law, concluded: “We are excited to be working with our longstanding client Shawbrook Bank, and PEXA to bring their digital remortgage platform to the UK. The speed and efficiency of the financial settlements, and the automatic lodgement of applications for registration at the Land Registry will streamline the process and lead to further standardisation across lender requirements and processes. We are proud to be part of this journey with PEXA, which is paving a new way of working for conveyancers and lenders in the UK for the better.”