NatWest has finalized an agreement with Pexa to initiate digital remortgage transactions starting next year.
Pexa’s platform is designed to enhance the efficiency and transparency of digital remortgage processes as well as property sale and purchase transactions for homeowners. Barry Connolly, Managing Director of Home Buying and Ownership at NatWest, emphasized that the Pexa solution aims to alleviate administrative burdens and mitigate fraud risks. The partnership is expected to streamline operations through automated data sharing among involved parties, and Connolly expressed optimism about the anticipated outcomes.
The collaboration builds on an initial exploratory agreement established in 2024, progressing now that Pexa has obtained FCA approval to function as a Third Party Managed Account provider. Given that NatWest represented 12.6% of all mortgages in the UK market in 2024, this agreement marks a significant achievement for Pexa as it prepares to launch its comprehensive sale and purchase solution this autumn, which aims to accommodate over 70% of property transaction types in England and Wales.
Joe Pepper, UK CEO of Pexa, noted that this partnership is a crucial development in their mission, showcasing the advantages their platform presents to a major lender like NatWest, thus reinforcing its commitment to supporting remortgage transactions.