Property exchange fintech Pexa has processed £100m worth of UK remortgage transactions through its platform.
The firm said this milestone showed an “increasing appetite among stakeholders to overhaul the technology and back-end infrastructure that supports the sector”.
Pexa said that, by leveraging its technology, it could do a “complicated” buy-to-let (BTL) remortgage at least 10 days faster, and one such case was completed in around 36 working hours.
The fintech firm welcomed the first lenders to its digital remortgage platform in 2022 and announced a purchase of conveyancing firm Optima Legal in the same year.
Borrowers, Pexa said, can wait around 4-8 weeks for the remortgage process to finalise, highlighting the “speed and efficiency” of its platform.
The firm said that Pexa Pay, its remortgage platform, has been tested by 11 companies and adopted by Hinckley and Rugby Building Society and Shawbrook.
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The company is also working on implementing “significant partnerships” with Metro Bank and NatWest.
Pexa has also launched a Future Property Transactions Group, which aims to bring together stakeholders to drive progress towards a “more streamlined property transactions for all players in the ecosystem”.
The group has been speaking with mortgage lenders, conveyancers, mortgage brokers, estate agents, regulators, regional government and industry bodies.
Pexa said its sale and purchase proposition is in “development”, with a plan to launch to the wider market later this year.
Joe Pepper, UK CEO of Pexa, said: “Reaching £100m in transactions in the UK is a watershed moment for Pexa, signalling a new era for the market. But we don’t stop here. Our mission is to keep driving the digital transformation that the industry desperately needs to better support conveyancers and lenders, and we can only do that in partnership with key players.
“With major banks on board and as we gear up for our planned sale and purchase launch in 2025, we are primed to streamline the property transaction process for the whole market.”