In recent years it has not always been smooth sailing for remortgaging borrowers with a conveyancing process under stress for a variety of reasons, often leading to a lengthening time to get to completion, with all the frustrations this entails for everyone involved.
But, I’m pleased to say, new technology is now tackling this issue, helping deliver a faster and smoother remortgage process. From our perspective, key to this has been PEXA’s new digital property settlement platform, designed to reduce delays, enhance transparency and speed up the time taken to complete transactions.
We have been using the platform across a limited number of broker partners but have recently opened it up to all advisory firms, meaning all now have access to our use of this innovative technology.
Hinckley & Rugby for Intermediaries has been in the first vanguard of lenders partnering with PEXA, providing our fee-assisted remortgage service to broker partners through PEXA’s conveyancing firm, Optima Legal.
This automated system has undoubtedly helped speed up the remortgage process, reducing the risk of late-stage transaction failures, which should give brokers greater confidence on transaction timelines, allowing them to better manage customer expectations.
In addition, borrowers using this service are provided with an online case tracking portal, allowing them to see progress being made on their case in real time. At the very least, this keeps them in the loop and communicates where their case is, and outlines the rest of the process it needs to go through.
The feedback from brokers using this service has been hugely positive. Many clearly value a more streamlined, low-friction process, as well as the real-time updates on cases. Many note this is helping reduce the back-and-forth phone calls between lender, conveyancer and client — freeing up their time to focus on the core of their business, advising clients on mortgage options.
Being able to now offer our scheme out to all advisers is also a positive further step towards greater digitisation across the mortgage market. We’ve recently heard from the Government about how it intends to drastically increase the use of digitisation in order to improve the home buying and selling process, and this will also clearly benefit remortgage activity as well.
Plus, as a mutual, delivering outstanding customer service – via the integration of the right technology - for all its customers and seamless remortgage transactions, is always going to be a key part of our offering.
PEXA’s aim here has been to make the remortgage experience as smooth as possible for lenders, brokers and borrowers. It’s service via Optima Legal integrates through the use of APIs and as a result allows us to deliver more effective case management, and ultimately a better experience for all.
Technology often promises much — but we feel this new integration and service can deliver from day one for brokers and their clients. It is also helping modernise the mortgage industry, ensuring the remortgage market can meet the demands of the next generation of remortgaging borrowers — for whom digital innovation is now part of their everyday lives.
