Digital remortgaging platform readies for launch with first lenders
The first two lenders have signed up to Pexa UK’s digital remortgaging platform, which is due to go live next month.
Shawbrook Bank and Hinckley & Rugby Building Society will be the first lenders to transact remortgaging cases via the platform, with further lender announcements set to follow throughout 2023.
Pexa UK is the British branch of the Australian online property settlement company Pexa.
Earlier this year, it announced plans to launch into the UK market with an initial focus on the remortgage process in England and Wales. The platform has been designed to deliver a streamlined process for mortgage lenders, lawyers and conveyancers, which will reduce the time it takes to remortgage.
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Ahead of the platform launch, Pexa announced the establishment of an inaugural board in the UK.
The board will be chaired by fintech veteran John Hooper. Other board members include group managing director and chief executive Glenn King, group chief financial officer Richard Moore, director of PEXA Group Helen Silver, and Pexa UK chief executive James Bawa.
“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,” said King.
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“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 and finance, and I know the local team is very much looking forward to tapping into that expertise.”
Hooper added: “It is an incredibly exciting time not just for PEXA, but the wider lending and conveyancing market as the UK is well overdue for a digital transformation.
“I welcome the opportunity to work with my fellow board members, the executive teams in both the UK and Australia, government, regulators, industry and the community to deliver fast, safe and more efficient and transparent digital property refinances and completions for UK homeowners, sellers and purchasers.”
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