Australian fintech PEXA is launching into the UK property market this year, with a solution designed initially for the nation’s remortgage sector.

The solution will focus on remortgages in England and Wales, and aim to streamline the process for mortgage lenders, lawyers and conveyancers.

The company said it aims to significantly reduce the time it takes to carry out a remortgage, typically  six to eight weeks, increasing to 12 as a result of the Covid-19 pandemic and subsequent changes to stamp duty taxation.

“The UK’s 150-year-old conveyancing system is on a journey to digitise. We know that by replacing outdated and manual processes with a simple online exchange platform, we can significantly help boost both market capacity and efficiency, and take a lot of stress out of consumers’ lives,” says PEXA UK chief executive James Bawa.

“Our intention is to provide greater certainty for consumers, and reduce costs and administration for conveyancers and lenders alike.”

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

Department for International Trade and Department for Business, Energy and Industrial Strategy minister for investment, Lord Grimstone, adds: “With the launch of their {PEXA’s} platform, British homeowners can expect to save time and money on the remortgage process.”

The move will create 50 jobs in the UK by the end of the year.