It is expected to launch its remortgage platform in Autumn, after a testing period with mortgage lenders and the Bank of England.
Pexa aims to shorten the remortgage period from its current average timespan of six to eight weeks with a streamlined process for mortgage lenders, lawyers and conveyancers. It has suggested this will also reduce costs for homeowners.
It does this by providing real-time tracking of the exchange process.
Additionally, the firm is working with HM Land Registry, as well as government departments, regulators and industry trade bodies to refine its proposition.
By the end of this year, Pexa also hopes to grow its UK headcount to 50 employees.
James Bawa, chief executive of Pexa UK, said: “The UK’s 150-year-old conveyancing system is on a journey to digitise. We know that by replacing outdated and manual processes with a simple online exchange platform, we can significantly help boost both market capacity and efficiency, and take a lot of stress out of consumers’ lives. Our intention is to provide greater certainty for consumers, and reduce costs and administration for conveyancers and lenders alike.
“We’re incredibly excited about the forthcoming launch. Digitisation is crucial to creating a more resilient and consumer-friendly remortgage process. From the feedback we have had from industry so far, it’s clear how transformative our new platform will be for the UK’s remortgage market, at a time when rising interest rates and squeezed consumer finances will drive increasing demand to refinance.”
