PEXA has revealed that both Hinckley & Rugby Building Society and Shawbrook Bank will be the first lenders to start transacting remortgage cases via its platform.
This follows testing of its PEXA Pay system earlier this year and marks another step towards PEXA’s ambitions to help centralise and streamline the property remortgage and completion process.
The two lenders are among the first to announce their partnership with PEXA, with further lenders due to be announced and onboarded throughout 2023. Over the coming months, PEXA will onboard both lenders, beginning with Hinckley & Rugby Building Society in September, enabling a streamlined and digitised remortgaging process for UK consumers.
Having facilitated over 11 million property transactions worth circa AUD $2 trillion in Australia, PEXA’s bespoke solution for the UK’s housing market will commence with an initial focus on digital remortgages this Northern Autumn. PEXA expects to bring on further lenders in subsequent waves.
PEXA aims to launch its remortgage platform from September 2022, with a transformed sale and purchase process due for release in 2024.
James Bawa, PEXA UK’s CEO, said: “Since launching in the UK earlier this year, we have been clear in our aim to help improve the remortgage and property completion process through technology and better industry collaboration. It is so rewarding to see this vision shared by lenders.
“Hinckley & Rugby Building Society has a strong track record of supporting new technology entrants into the UK market and will be our first reference site. They have given early and consistent support, working closely with us to bring PEXA to the market and will be undertaking our first transaction in the UK.
“Shawbrook, the first bank we have collaborated with in the UK, has shared its deep expertise in specialist mortgage markets including professional buy-to-let. Shawbrook’s approach to leveraging technology for the betterment of its customers is highly aligned with our own.
“The enthusiasm and support received from lenders demonstrates their drive to adopt technology for the benefit of their customers. We are taking a considered approach to entering the UK market as we understand the criticality of the completions process and must ensure we take our time to build and launch the right proposition for the market.”
Colin Fyfe, Chief Executive Officer, Hinckley & Rugby Building Society, added: “We are delighted to have partnered with PEXA at the very start of their journey in the UK. We recognise the advantages of digitisation within the market and we were keen to offer our expertise to support the development of PEXA’s offering. We are especially proud to be responsible for processing the first transaction, later in the year.”
Marcelino Castrillo, Chief Executive Officer, Shawbrook, concluded: “Speed, simplicity and certainty are three critical factors that professional property investors need, not just from their funder but throughout the process. Working closely with their preferred advisers, we have always leveraged data and technology to deliver on these requirements for our customers – consistently and at scale. At Shawbrook we’re incredibly excited about the potential appeal and applicability of the PEXA model to the specialist mortgage market.”