NatWest has completed its first remortgage transaction using PEXA’s digital platform, with the process taking two working days from the mortgage offer. The typical UK remortgage timeline is around four to six weeks.
The accelerated timeframe was made possible through the use of automated workflows and real-time settlement capability within the purpose-built digital infrastructure.
NatWest signed a formal commitment with PEXA last July and announced it was actively transacting on the platform with fee-assisted remortgage customers last month. Sale and purchase transactions will follow as the lender’s roll-out on the platform continues.
“Our focus is on making the home ownership journey faster and simpler for our customers,” Barry Connolly, managing director for home buying and ownership at NatWest, said following the completion of the remortgage transaction.
“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.”
PEXA provides the UK’s only FCA-regulated digital property completion infrastructure, connecting the movement of funds and lodgement of title within a single secure platform.
Joe Pepper, UK chief executive of PEXA, said the two-day timeframe was possible because the 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,” he explained.
“This is a significant moment for PEXA and NatWest, and a strong example of the progress we are making together.”
The transaction demonstrates the potential for digital infrastructure to support faster, more efficient remortgage completions in the UK for the benefit of lenders, conveyancers and customers, PEXA said.
Pepper added” “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 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.”
