Shawbrook has become the first UK bank to offer this service which leverages the Pexa conveyancing platform that allows all parties in a transaction to exchange and settle electronically through the Bank of England using Pexa Pay.
This includes transferring property titles, completing financial transactions and submitting documents.
Broker firm Clever Lending used Pexa’s service to complete a limited company remortgage with Shawbrook for an 11-property portfolio. The process took 28 business days from application to completion.
Shawbrook aims to reduce the time it takes its customers and broker partners to complete a remortgage and work is underway to fully integrate the Pexa service into its application journey.
Shawbrook ‘delivering against technology ambitions’
Steve Sanderson, commercial and bridging specialist at Clever Lending, said: “For professional property investors, additional admin and unexpected delays can be a frustrating part of the remortgage process. Pexa’s limited company functionality is an excellent addition to the Shawbrook offering as it reduces the time and effort required, providing a significant benefit to both brokers and our clients. It was a quick completion post-offer, so my client and I are delighted to start the new year with their remortgage done and dusted.”
Claire Rankin (pictured), director of specialist lending – real estate at Shawbrook, added: “We’ve continued to build on our evolving digital strategy, adding to existing innovations such as MyShawbrook portal, which provides automated underwriting decisions.
“Extending Pexa to limited companies is a further example of Shawbrook delivering against our technology ambitions, removing the unnecessary friction of manual completion payments, which will now benefit more customers. We’re glad that we are now able to further enhance user journeys and enable more property investors to benefit from a smoother, more efficient process, as demonstrated by this first completion for a limited company client.”
Property transactions are ‘still too painful’
Andrew Lloyd, UK chief customer officer at Pexa, said: “We are delighted to continue our partnership with Shawbrook and roll out the new limited company functionality of the Pexa platform. We know that property transactions are still too painful and take too long here in the UK and launching limited company capabilities is the next step on our journey to enabling a smart, seamless and secure experience for those buying, selling and remortgaging property.
“We look forward to continuing to work with innovative partners such as Shawbrook to make this journey a reality.”
