First completed case makes use of platform designed to streamline the entire process
Specialist financial services firm Shawbrook has become the first bank in the UK to offer limited companies the option to remortgage through digital conveyancing platform PEXA.
Shawbrook has collaborated with PEXA to introduce a digital platform for individuals and limited companies, allowing all parties involved in the property transaction to collaborate, exchange information, and settle the transaction electronically through the Bank of England via PEXA Pay.
The streamlined process includes activities such as transferring property titles, conducting financial transactions, and lodging documents with relevant authorities.
The successful completion of Shawbrook’s first limited company remortgage using PEXA took place in partnership with the customer’s broker, Clever Lending. The transaction involved a professional property investor with an 11-property portfolio. Leveraging automated valuation models (AVMs) and a fully packaged case, the entire process only took 28 business days — from the submission of the full mortgage application to completion.
In 2022, Shawbrook also became the first UK bank to complete a remortgage using PEXA’s digital payment system.
“For professional property investors, additional admin and unexpected delays can be a frustrating part of the remortgage process,” Steve Sanderson, commercial and bridging specialist at Clever Lending, pointed out.
“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, director of real estate specialist lending at Shawbrook, shared that they continue to build on their 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,” Rankin said. “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.”
Andrew Lloyd, UK chief customer officer at PEXA, added that they were delighted to continue their partnership with Shawbrook.
“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,” Lloyd stated. “We look forward to continuing to work with innovative partners such as Shawbrook to make this journey a reality.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, X (formerly Twitter), and LinkedIn.