PEXA and NatWest Group collaborate to offer 48-hour remortgaging for UK homeowners
By
PEXA Group Limited (PEXA) has announced that it is progressing a strategic partnership with NatWest to utilize PEXA’s world-leading digital property exchange technology to deliver 48-hour remortgage transactions to NatWest customers. The partnership will later extend to speed up the handling of sale and purchase transactions.
Miguel Sard, Managing Director of Homebuying and Ownership at NatWest, said that good progress is already being made with PEXA, having tested PEXA’s payment scheme with the Bank of England. He emphasized that the technology would help make the bank simpler and faster for its customers.
“PEXA has already proven in Australia that remortgaging processes that ordinarily take months, can take just a couple of days, or even hours in some cases,” Mr Sard said. “We are delighted to be partnering with PEXA and will be working with the team closely over the coming months to help us deliver on our strategy by enabling its world-leading digital property exchange platform for the benefit of our customers and the broader UK property ecosystem.”
Joe Pepper, UK CEO of PEXA, expressed his excitement about working with NatWest Group. “As one of the UK’s major lenders, NatWest shares a common goal of driving digital innovation and transforming the customer experience to address the chronically long time it takes to transact property in the UK market, with all the associated pitfalls of transaction fall-through and stress.”
Pepper highlighted that the property settlement process in the UK is highly challenged, with unacceptably high transaction fail rates and overly long completion times compared to similar markets.
“We welcome the opportunity to work with NatWest Group and partner with a lender committed to solving these issues with us. We look forward to helping implement our technology to improve the NatWest customer experience,” he said.