Hinckley & Rugby Building Society has announced that it is partnering with PEXA, which owns and operates Australia’s online property exchange network and is expanding globally to drive down the risks, costs and delays which can be experienced by UK customers when remortgaging their property or buying another.
As one of the first lenders which have been working collaboratively with PEXA, in readiness for its entry into the UK market, the Society has been selected to process the first transaction, later in the year.
For a number of months, mortgage and finance specialists from the Society have offered support to PEXA with the design and testing of the platform ahead of its first UK transaction, due to take place in September.
Hinckley & Rugby’s Chief Executive, Colin Fyfe, explained:
“The work carried out by our teams, in partnership with PEXA, is a testament to the expertise and experience of my colleagues at the Society. Our involvement in assisting PEXA to bring greater innovation, benefitting both our direct mortgage customers and those served by intermediaries, is further demonstration of our commitment to bringing fintechs to the market. We are especially proud of our role in undertaking the first transaction in the UK.”
PEXA UK’s Chief Executive, James Bawa, said:
“We are thrilled to have Hinckley & Rugby Building Society undertake our first transaction as our initial reference site. We are incredibly appreciative of their consistent support of a platform we believe will help transform the sector, reducing the time and stress of remortgaging for customers.”