PEXA hits £100m remortgage transactions

PEXA has surpassed £100m in remortgage transactions, a ‘significant milestone’ say the property settlement platform demonstrating ‘the increasing appetite among stakeholders to overhaul the technology and back-end infrastructure that supports the sector.’

PEXA say it follows a year of growth for the Australian business which launched its remortgage service in 2022 and can now deliver buy-to-let remortgages in just 36 hours in some cases.

Joe Pepper, UK Chief Executive Officer 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.”

PEXA’s settlement technology, including PEXA Pay has been tested with 11 institutions and adopted by both Hinckley and Rugby Building Society and Shawbrook Bank. Significant partnerships with Metro Bank and NatWest are also underway.

And in October 2024 PEXA 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 focused on the remortgage process over the last 18 months, PEXA’s sale and purchase proposition is currently in development, and is planned to roll out later in 2025.

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