Hinckley & Rugby Building Society said it has become the first UK lender to complete a mortgage using PEXA.
The deal was conducted as part of a PEXA sale and purchase proposition testing after its full launch and wider market launch later this year.
As part of the deal, the law firm Muve acts as a transporter for buyers and lenders in the PEXA workspace.
The transaction uses PEXA’s payment plan to complete funds from upcoming credit accounts and resolve accounts to verify accounts and to successfully approve accounts from HM Land Registration Center to complete funds.
Test transactions do not require the purchaser to introduce additional funds.
“Our mission has been to help the interests of consumers, lenders and transporters to help transform the real estate market. Completed the first digital purchase deal in the UK today is a landmark achievement in this journey,” said Joe Pepper, CEO of PEXA UK.
“By leveraging our platform and PEXA compensation program, we demonstrate how technology can simplify and speed up traditionally complex and time-consuming processes.”
Laura Sneddon, head of sales and distribution at Hinckley & Rugby Building Association, added: “We are always eager to embrace innovation and work with our partners who share our vision for a more effective and modern property market.”
“PEXA’s fully digital sales and buying platform represents an important step in simplifying the collateral and completion process and we are honored to be the first UK lender to complete a transaction using this crushing technology.”
In April, PEXA obtained FCA approval to become an authorized payment institution (API).
