The first NatWest remortgage transaction to complete on the PEXA platform did so within two working days from mortgage offer.
The transaction is significantly faster than the typical UK remortgage timeline of 4-6 weeks, highlighting the extent of the opportunity to enhance processes across conveyancing and mortgage lending. The accelerated timeframe was made possible through the use of the automated workflows and real-time settlement capability within PEXA’s digital infrastructure.
The transaction marks a significant step forward in the delivery of faster, more certain digital remortgage completions in the UK. The milestone also represents an important step in NatWest’s implementation of PEXA, following the lender going live with fee-assisted remortgages last month, with sale and purchase transactions to follow as the rollout continues.
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.
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, added: “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."
