Groundbreaking mortgage transaction takes place at local building society

Hinckley & Rugby Building Society says it has carried out the first digitised remortgage transaction today with PEXA.

The Society announced its partnership with PEXA - which owns and operates Australia’s online property exchange network – in August, with its mortgage and finance specialists having provided their expertise and experience to PEXA in developing the design and testing of the platform, ahead of its UK entry.

The paperless system was designed to transform the remortgage process for consumers, lenders and conveyancers – streamlining the lodgement and settlement process and cutting costs, improving efficiency and reducing potential risks.

The Society’s Head of Lending, Sarah Johnson, said:

“It was a privilege to undertake PEXA’s first UK transaction and to be a part of bringing this exciting system to our customers. The platform will be a huge benefit to both our direct customers and those who deal with us through mortgage brokers, and we are proud of the role we have played in developing a revolutionary new offering in readiness to the UK market.”

Hinckley & Rugby’s Chief Executive, Colin Fyfe, said:

“We’re extremely proud of our role in undertaking the UK’s first PEXA remortgage transaction and to be the first financial establishment in the UK to offer its platform to our customers. By offering PEXA’s digitised method, we are responding to a growing expectation from customers for modernised and more efficient services. As a mutual business, we very much support the development of such innovations so that we can continue to deliver the best possible service we can for our members.”