Shawbrook has become the first UK bank to start transacting remortgage cases on PEXA’s new digital exchange and payment system, with the conveyancing undertaken by Pure Law. 

The specialist lender completed its first transaction this week.

The new technology allowed Shawbrook and Pure Law to arrange financial completion directly from the lender’s account, and collaborate to apply for registration with HM Land Registry.

The partnership with Shawbrook is PEXA’s first collaboration with a bank, and is said to enable “an improved experience and faster completion times” for its customers in specialist mortgage markets.

The addition of Shawbrook coincides with enhancements to PEXA’s platform, including the delivery of a standardised mortgage deed. 

Shawbrook’s successful onboarding follows that of Hinckley & Rugby Building Society in September. 

Hinckley & Rugby Building Society and Shawbrook Bank were among the first to announce their partnership with PEXA, with further lenders due to be announced and onboarded throughout 2023. 

The fintech has also recently announced its partnership with ClearBank to allow the final disbursement of funds to transaction accounts held with lenders not already integrated with PEXA’s platform. 

Following the launch of its UK’s digital remortgage platform in September, the company also plans to expand its offering to transform the sale and purchase process from 2024.

PEXA UK chief executive officer James Bawa says: “Today marks another important milestone in the digitisation of the remortgage market, and the broader adoption of the PEXA platform for the benefit of UK citizens. In what is a true tripartite relationship, we’re incredibly pleased to partner with Shawbrook Bank and Pure Law.”