Shawbrook now gives limited companies the ability to remortgage using digital conveyancing platform Pexa.
Shawbrook stated that, through partnering with Pexa to provide a digital platform, it can streamline the property settlements process.
This allows all parties involved in the property transaction to collaborate, exchange information, and settle the transaction electronically through the Bank of England via Pexa Pay.
This includes activities such as transferring property titles, completing financial transactions, and lodging documents with relevant authorities.
Shawbrook director of specialist lending - real estate, Claire Rankin described the partnership as an “example of Shawbrook delivering against our technology ambitions”.
This involved removing the "unnecessary friction" of manual completion payments, which will now benefit more customers.
“We’re glad that we are now able to further enhance user journeys and enable more property investors to benefit from a smoother, more efficient, as demonstrated by this first completion for a limited company client,” she added.
Rankin’s comment refers to the first limited company remortgage using Pexa having already been completed by Shawbrook alongside the customer’s broker, Clever Lending.
This was done for a professional property investor with an 11-property portfolio.
Benefiting from automated valuation models, the case took only 28 business days from full mortgage application to completion.
Transaction times
Pexa UK chief customer officer, Andrew Lloyd, said property transactions are still “too painful” and take “too long” in the UK.
As a result, he described launching limited company capabilities as “the next step on our journey to enabling a smart, seamless and secure experience for those buying, selling and remortgaging property”.
“We look forward to continuing to work with innovative partners such as Shawbrook to make this journey a reality,” he concluded.
tom.dunstan@ft.com
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