Shawbrook and Hinckley & Rugby to join remortgaging platform

Shawbrook and Hinckley & Rugby to join remortgaging platform

Hinckley & Rugby Building Society and Shawbrook Bank will both begin transacting remortgages digitally via a new platform. 

The lenders are the first two to commence transacting via fintech firm Pexa’s platform, with more partners expected to be announced and onboarded throughout 2023. 

Over the coming months Pexa, a digital property exchange process platform, will onboard both lenders, beginning with Hinckley & Rugby Building Society in September. 

Pexa said this follows successful testing of its Pexa Pay system earlier this year and marks another step towards its ambitions to help centralise the property remortgage and completion process in the UK.

Pexa enters the UK market having facilitated over 11mn property transactions in Australia worth circa AUD $2trn (£1.16trn).

The platform has said it will enable a "streamlined and digitised remortgaging process for UK consumers"- reducing associated time, risk and costs, while also providing an improved customer experience.

Pexa UK’s chief executive, James Bawa said since launching in the UK earlier this year, the firm has been clear in its aim to help improve the remortgage and property completion process through technology and better industry collaboration.

“We are taking a considered approach to entering the UK market as we understand the criticality of the completions process and must ensure we take our time to build and launch the right proposition for the market,” Bawa said. 

Hinckley & Rugby Building Society chief executive, Colin Fyfe said the firm is proud to be responsible for processing the first transaction on the platform while Shawbrook chief executive, Marcelino Castrillo said he was “incredibly excited” about the potential appeal and applicability of the Pexa model to the specialist mortgage market.

Pexa aims to launch its remortgage platform from September 2022, with a sale and purchase process due for release in 2024. 

UK board

Meanwhile, the firm has also announced the establishment of a UK board, chaired by former chief executive of National Australia Bank’s wholesale business, John Hooper.

At present, Hooper is the chairperson of Cumberland Building Society. Pexa said he brings a wealth of experience of financial institutions, payments, treasury, and regulatory environments.

The UK board will also consist of group managing director and chief executive officer Glenn King, group chief financial officer Richard Moore, recently appointed non-executive director and director of Pexa Group Helen Silver, and Pexa UK chief executive James Bawa.