NatWest, one of the UK’s largest high street lenders, has completed its first remortgage transaction through PEXA, the UK’s sole FCA-regulated digital property completion platform, finishing the process within just two working days of mortgage offer.
The completion represents a dramatic reduction on the standard UK remortgage timeline of four to six weeks. The accelerated turnaround was achieved through PEXA’s purpose-built digital infrastructure, which combines automated workflows with real-time settlement capability to remove manual steps from the process.
The milestone follows NatWest going live with fee-assisted remortgages on the PEXA platform last month, with sale and purchase transactions set to be incorporated as the rollout progresses.
PEXA’s infrastructure connects the movement of funds and the lodgement of title within a single secure environment, offering improved certainty, transparency and security for lenders, conveyancers and customers alike.
NatWest managing director for home buying and ownership Barry Connolly 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.”
PEXA UK chief executive Joe Pepper said, “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.”
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