Metro Bank has announced that it plans to work with Pexa in a bid to make remortgaging faster and easier.
Pexa is the leader behind the first digital property exchange process.
The aim of the collaboration is to deliver quicker post-offer processes, faster remortgage completion times, and greater transparency for Metro Bank’s customers and brokers.
Removing conveyancing friction
Glenn King, Pexa’s group managing director and chief executive, said: “This signals a fantastic opportunity for Pexa and Metro Bank to work together to remove the friction in the conveyancing experience for its customers and brokers”.
The announcement follows a period of significant progress for Pexa in its mission to streamline the property remortgage and completion process.
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It launched its new payment system in September 2022, resulting in the UK’s first-ever digitally enabled remortgage transaction.
Using Pexa’s proprietary technology means parties can arrange financial settlement directly from the incoming lender’s account.
They can also seamlessly collaborate to lodge the application for registration with the Land Registry, streamlining a process that typically takes days into minutes.
Speeding up remortgaging
Richard Saulet, chief commercial officer at Metro Bank said: “The benefits Pexa can bring to our customers and brokers is clear.
“Following our successful testing of the Pexa settlement system with the Bank of England, we are excited to collaborate with Pexa on how we can simplify and speed up the remortgage journey”.
