PEXA has announced that Hinckley & Rugby Building Society and Shawbrook Bank will be the first lenders to transact remortgage cases through its platform.

Throughout 2023 more partnerships with additional lenders are in the works and in the next few months more lenders will be onboarded. Doing so will result in a streamlined and digitised remortgaging process for UK consumers.

This latest announcement ties into PEXA’s aim to centralise and streamline the property remortgage and completion process by reducing the time taken to complete, as well as additional risk and costs.

The news closely follows PEXA’s recent partnership with ClearBank to allow for the final distribution of funds to transaction accounts held with lenders not already integrated with PEXA’s own platform to function with the wider market.

PEXA’s journey and achievements so far

With more than 11 million property transactions worth $2 trillion in Australia under its belt, PEXA demonstrates its service is already a huge success overseas.

Following a successful testing of its PEXA Pay system at the beginning of the year, PEXA expects to collaborate with further lenders.

PEXA Pay is the 7th active net payment scheme developed in collaboration with ThoughtWorks and the Bank of England.

Glenn King, PEXA group managing director and chief executive officer, comments: “As our UK operations continue to gain momentum, most notably going live with at least two lenders over the coming months, it is critical we have the leadership and governance in place to support the team in achieving the industry-wide transformation needed in the local market.”

“It is my pleasure to welcome the directors to the newly formed PEXA UK Board, notably our Independent Chair John Hooper. John brings the benefit of extensive strategic, financial and management experience accumulated over his 30+ year career in international banking.”

PEXA has also recently announced its partnership with ClearBank to allow for the final disbursement of funds to transaction accounts held with lenders not already integrated with PEXA’s own platform, opening the functionality to the wider market.

James Bawa, PEXA UK chief executive officer, comments: “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.”