PEXA has processed £100 million worth of UK remortgage transactions through its platform.
The increasing demand for PEXA’s technology comes as it demonstrates complicated buy-to-let remortgages at least 10 days faster than without the technology, including a case which was completed in 36 working hours.
Over the past year, PEXA Pay has been tested with 11 institutions and adopted by both Hinckley and Rugby Building Society and Shawbrook Bank. Progress has also been made on the implementation of significant partnerships with Metro Bank and NatWest.
PEXA also launched the Future Property Transactions Group, a pilot initiative that brings together industry stakeholders to drive progress towards more streamlined property transactions for all players in the ecosystem. The group has been engaged with a number of regionally based organisations including mortgage lenders, conveyancers, mortgage brokers and estate agents as well as regulators, regional government and industry bodies.
Having focussed on the remortgage process this year, PEXA’s sale and purchase proposition is currently in development, and is planned to roll out later in 2025.
Joe Pepper, UK CEO of PEXA, said: “Reaching £100 million in transactions in the UK is a watershed moment for PEXA, signalling a new era for the market. But we don’t stop here.
“Our mission is to keep driving the digital transformation that the industry desperately needs to better support conveyancers and lenders, and we can only do that in partnership with key players.
“With major banks on board and as we gear up for our planned sale and purchase launch in 2025, we are primed to streamline the property transaction process for the whole market.”
