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Shawbrook Bank are always looking for ways to innovate and strengthen their customer and broker experiences to deliver speed, simplicity and certainty. Shawbrook are now delighted to announce their new partnership with PEXA to transact remortgage cases.
Who are PEXA?
PEXA are a finance technology company behind the world’s first digital property exchange process.
Through their platform, PEXA revolutionised the Australian residential property market and the way properties are exchanged. They have facilitated over 11 million property transactions worth circa AUD$2 trillion.
Their aim is to bring these innovative benefits to the UK property market – starting with re-mortgages.
PEXA’s recent research showed that as many as one in five (20%) mortgage borrowers looking to remortgage in the past two years have found the process so difficult or complex they abandoned it altogether, therefore they want to streamline the property remortgage completion process to decrease this percentage.
How will this benefit you?
- Automatic settlement of funds at Bank of England level via a new payment system – PEXA PAY – which negates the need for Solicitor CHAPS payments on completion
- Lenders and Conveyancer work on the completion together in one platform, streamlining the process
How do you know if your case is eligible?
The new re-mortgaging process can be utilised in cases where:
- it is a residential property being used with a BTL mortgage
- has applicants that are either individuals, sole traders or partnerships
- is in England or Wales
- requires no changes of title as part of the transaction
- is a single property transaction
They are looking to expand the eligibility criteria to include Commercial and Semi-Commercial cases, as well as Limited Company and LLP applicants. Any new enhancements will be communicated in due course.
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