NatWest has completed its first remortgage transaction through PEXA’s digital property completion platform within two working days of mortgage offer.
The transaction, which PEXA said was significantly faster than the typical UK remortgage timeline of four to six weeks, follows NatWest’s launch of fee-assisted remortgages on the platform last month.
PEXA said the accelerated completion was supported by automated workflows and real-time settlement capability within its digital infrastructure.
The platform connects the movement of funds and lodgement of title within a single secure system. PEXA said it provides the UK’s only FCA-regulated digital property completion infrastructure.
The milestone forms part of NatWest’s wider implementation of PEXA, with sale and purchase transactions due to follow as the rollout continues.
Barry Connolly, managing director for home buying and ownership at NatWest, said: “Our focus is on making the home ownership journey faster and simpler for our customers. This is an important milestone in our partnership with PEXA and a strong demonstration of how digital infrastructure can accelerate the remortgage process.
“I was delighted to hear the first remortgage customer to complete via PEXA gave the highest possible satisfaction scores for this transaction, which indicates how positive this experience was for them.
“We are really excited about the impact of this enhanced service we can now offer, and are committed to a wider roll out, including sale and purchase transactions.”
Joe Pepper, UK chief executive of PEXA, said: “This is a significant moment for PEXA and NatWest, and a strong example of the progress we are making together. Completing a remortgage in just two working days from offer to completion shows what can be achieved when manual steps are removed and processes are better connected.
“This was possible because the PEXA platform enables lodgement, settlement and data synchronisation activities to be orchestrated in parallel within a single, integrated environment. This reduces reliance on manual intervention and allows transactions to complete with far greater speed, certainty and control once ready to proceed.
“This is an early example, but it points to the opportunity for the UK to move from a system where transactions take weeks to complete, to one where they can be completed in days with far greater certainty, transparency and security.”
