Shawbrook has become the first UK bank to offer limited companies remortgaging using digital conveyancing platform Pexa.
The firms say features such as transferring titles, completing financial transactions, and lodging documents with relevant authorities will be available for limited companies as well as individuals on the portal.
Settlement will be handled electronically through the Bank of England via Pexa Pay.
Shawbrook, alongside broker Clever Lending, recently completed its first limited company remortgage using Pexa for a professional property investor with an 11-property portfolio.
The firms say the process took just 28 business days from full mortgage application to completion, sped up by automated valuation models and a fully packaged case.
Shawbrook director of specialist lending – real estate Claire Rankin says: “We’ve continued to build on our evolving digital strategy, adding to existing innovations such as MyShawbrook portal, which provides automated underwriting decisions.
“Extending Pexa to limited companies is a further example of Shawbrook delivering against our technology ambitions, removing the unnecessary friction of manual completion payments, which will now benefit more customers.”
Pexa UK chief customer officer Andrew Lloyd adds: “We know that property transactions are still too painful and take too long here in the UK and launching limited company capabilities is the next step on our journey to enabling a smart, seamless and secure experience for those buying, selling and remortgaging property.”
