PEXA has confirmed that Hinckley & Rugby Building Society and Shawbrook Bank will be the first lenders to start processing remortgage cases through its platform.
This follows the successful test of its PEXA Pay system earlier this year.
Hinckley & Rugby Building Society and Shawbrook Bank are among the first to announce their partnership with PEXA, with further lenders to be announced and onboarded throughout 2023.
PEXA announces that over the next few months it will integrate the two lenders, starting with Hinckley & Rugby Building Society in September, enabling a digitized remortgage process for UK consumers.
PEXA has already facilitated more than 11 million real estate transactions worth around AU$2 trillion in Australia (£1.1bn) and its solution will kick off in the UK with an initial focus on mortgages digital this fall from the North.
PEXA plans to tap into other lenders, working closely to line up available landing slots as part of the Bank of England’s real-time gross settlement upgrade.
The latest announcement follows the successful launch of PEXA Pay developed in conjunction with ThoughtWorks and the Bank of England acting as settlement agent.
PEXA also recently announced its partnership with ClearBank to enable final disbursement of funds to transaction accounts held with lenders that are not yet onboarded to the fintech’s own platform.
James Bawa, Managing Director of PEXA UK, said: “Since launching in the UK earlier this year, we have been clear in our aim to help improve the mortgage and property completion process through technology and better collaboration with industry. It is so gratifying to see this vision shared by lenders.
“Hinckley & Rugby Building Society has a strong track record of supporting new technology entrants to the UK market and will be our first referral site. They provided early and consistent support, working closely with us to bring PEXA to market and will be undertaking our first UK transaction.
“Shawbrook, the first bank we worked with in the UK, shared their deep expertise in specialist mortgage markets, including professional buy-to-let. Shawbrook’s approach to leveraging technology for the benefit of its customers is perfectly aligned with ours. »