Digital property exchange platform developer PEXA Group Limited (ASX:PXA) has confirmed that both Hinckley & Rugby Building Society and Shawbrook Bank will commence transacting remortgages via the PEXA UK platform by the end of calendar year 2022.
This follows successful testing of the PEXA Pay system earlier this year and marks another step towards PEXA’s goal to help centralise and streamline the property remortgage and completion process in international markets, commencing with the UK.
Over the coming months, PEXA will progressively onboard both lenders, beginning with Hinckley & Rugby Building Society in September, enabling a streamlined and digitised remortgaging process for UK consumers – reducing associated time, risk and costs, while also providing an improved customer experience.
James Bawa, PEXA UK Chief Executive Officer, said further lenders are expected to be announced and onboarded in subsequent waves, to align available landing slots within the Bank of England’s Real-Time Gross Settlement upgrade.
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,” Mr Bawa said.
“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 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.”
PEXA aims to launch its remortgage platform in the UK during September 2022, with the sale and purchase platform due for release in the UK in 2024.