Remortgaging via digital conveyancing – bank claims ‘UK first’

Remortgaging via digital conveyancing – bank claims ‘UK first’


Todays other news
The improved mood follows the latest Bank of England rate...
Four in five UK self-employed entrepreneurs have struggled to get...
The cost of home insurance in the UK increased by...
The lender has claimed to move away from the 'them...
L&G Mortgage Club has launched an end-to-end digital mortgage solution...


Shawbrook has become the first bank in the UK to offer limited companies the ability to remortgage using the digital conveyancing platform, PEXA.

Traditionally, property settlements involve a significant amount of paperwork and manual processes. Shawbrook has streamlined this by partnering with PEXA to provide a digital platform for individuals and limited companies, where all parties involved in the property transaction can collaborate, exchange information, and settle the transaction electronically through the Bank of England via PEXA Pay.

This includes activities such as transferring property titles, completing financial transactions, and lodging documents with relevant authorities.

Shawbrook, alongside the customer’s broker Clever Lending, has now completed its first limited company remortgage using PEXA for a professional property investor with an 11-property portfolio. Benefitting from automated valuation models (AVMs) and a fully packaged case, the whole process took only 28 business days from full mortgage application to completion.

PEXA’s research illustrates that remortgaging is a major event for property owners. Despite its importance, 33 per cent of those surveyed have experienced delays in the past and 13 per cent faced unexpected costs associated with the additional time

Working with PEXA, Shawbrook says its objective is to continue reducing the time and effort on administration and to minimise the frustrations that the traditional remortgaging process can create for investors and landlords. Further work is now underway to fully integrate PEXA into Shawbrook’s application journey and to support remortgage journeys where it could soon be possible to complete a transaction in days – not the three to four months that the industry currently accepts as standard.

Claire Rankin, director of specialist lending – real estate at Shawbrook, comments: “We’ve continued to build on our evolving digital strategy, adding to existing innovations such as MyShawbrook portal, which provides automated underwriting decisions.

“Extending PEXA to limited companies is a further example of Shawbrook delivering against our technology ambitions, removing the unnecessary friction of manual completion payments, which will now benefit more customers. We’re glad that we are now able to further enhance user journeys and enable more property investors to benefit from a smoother, more efficient process, as demonstrated by this first completion for a limited company client.”

And Andrew Lloyd, UK chief customer officer at PEXA, adds: “We know that property transactions are still too painful and take too long here in the UK and launching limited company capabilities is the next step on our journey to enabling a smart, seamless and secure experience for those buying, selling and remortgaging property. We look forward to continuing to work with innovative partners such as Shawbrook to make this journey a reality.”

Tags: Mortgages

Share this article ...

Join the conversation: Login and have your say

Want to comment on this story? Our focus is on providing a platform for you to share your insights and views and we welcome contributions. All comments are screened using specialist software and may be reviewed by our editorial team before publication. Introducer Today reserves the right to edit, withhold or delete comments that violate our guidelines, including those that harass, degrade, or intimidate others. Users who post such content may be banned from commenting.
By commenting, you agree to our Commenting Terms of Use.
Recommended for you
Related Articles
The improved mood follows the latest Bank of England rate...
Four in five UK self-employed entrepreneurs have struggled to get...
The lender has claimed to move away from the 'them...
In the past four years 50% of buyers have been...
A prominent agency expects anxious buyers to keep searching...
The warning comes in the latest market snapshot from Rightmove...
Recommended for you
Latest Features
The improved mood follows the latest Bank of England rate...
Four in five UK self-employed entrepreneurs have struggled to get...
The cost of home insurance in the UK increased by...
Sponsored Content
Historically second charge mortgages or secured loans as they are...
Lenders must say what they mean and mean what they...
Fraudsters attacking the conveyancing sector, successfully stealing large sums of...

Send to a friend

In order to send this article to a friend you must first login. Click on the button below to login or sign up.

No one likes pop-ups ...
But while you're here