"In today’s fast-moving UK mortgage market, the ability to remortgage quickly is more important than ever. Fixed rate deals are increasingly short-lived in what has been a volatile mortgage environment."
Technology is revolutionising the remortgage market by tackling the administrative and legal delays that have long plagued the industry.
This is benefiting both brokers and customers by streamlining processes, reducing administrative friction and ensuring home loans are ported more promptly. As an innovative lender, Hinckley & Rugby Building Society has been at the forefront of these changes, having recently partnered with PEXA’s digital remortgage service. But this isn’t about technology for technology’s sake — it’s about delivering excellent customer service and improving day-to-day functionality for members.
As a result of this new service, customers now have access to an online portal, giving them real-time updates on the progress of their case. This improves transparency for all parties and reduces the need for calls or emails to brokers and lenders, saving everyone time and money.
So, how does this technology speed up and improve the remortgage process? This new service has been designed to address some of the main bottlenecks in the remortgage process, particularly around conveyancing and the Land Registry. The service is powered through PEXA’s conveyancing firm, Optima Legal, which uses integrated APIs to connect all parties in the remortgaging chain.
In today’s fast-moving UK mortgage market, the ability to remortgage quickly is more important than ever. Fixed rate deals are increasingly short-lived in what has been a volatile mortgage environment. As a result, homeowners need to secure new deals quickly when their fixed term product ends to avoid defaulting onto higher standard variable rates (SVRs). This is critical in a higher interest rate environment, where affordability is stretched for many.
By adopting innovative digital solutions, Hinckley & Rugby is ensuring that its borrowers can act with the speed and confidence the current market demands.
Hinckley & Rugby’s commitment to innovation doesn’t stop here. The new service also provides access to enhanced features such as PEXA Pay, ensuring faster, more secure fund transfers. Additionally, recent advancements like support for limited company buy-to-let remortgages and improved title validation expand the range of transactions the platform can handle, offering greater flexibility to borrowers.
Digitalisation across the mortgage market is continuing apace, reducing the administration burden on brokers and enabling them to focus on what they do best: serving customers. Clearly, this latest innovation isn’t the end of the journey but only the start, with the prospect of same-day remortgages in the UK now a distinct possibility in the near future.
By embracing technology and forging forward-thinking partnerships, Hinckley & Rugby is not just improving the remortgage process — it’s revolutionising it, helping to set new standards for efficiency, transparency, and ultimately enhancing customer satisfaction in the UK mortgage market.
