PEXA enters the UK property market with a mortgage solution

Australian fintech PEXA is launching into the UK property market this year, with a solution originally designed for the country’s mortgage industry.

The solution will focus on mortgages in England and Wales and aim to streamline the process for mortgage lenders, solicitors and transfer agents.

The company said it was aiming to drastically reduce the time it takes to complete a mortgage, typically six to eight weeks, to 12 following the Covid-19 pandemic and subsequent changes to stamp duty taxation .

“The UK’s 150-year-old conveyancing system is going digital. We know that by replacing outdated, manual processes with a simple online trading platform, we can make a significant contribution to increasing both market capacity and efficiency, and relieving the stress of consumers’ lives,” says James Bawa, Managing Director of PEXA UK.

“Our intention is to provide greater certainty for consumers and to reduce costs and administration for transfer agents and lenders.”

PEXA is working with a group of mortgage lenders to pilot the solution, as well as the HM Land Registry, industry regulators and trade bodies to refine its program.

Lord Grimstone, Minister for Investment in the Department for International Trade and the Department for Business, Energy and Industrial Strategy, adds: “With the launch of their {PEXA} platform, UK owners can s ‘expect to save time and money on the remortgage process.’

This decision will create 50 jobs in the UK by the end of the year.

Penny D. Jackson