NatWest has agreed a deal with vendor Pexa to start carrying out digital remortgage deals from next year.
Pexa says that its platform will help NatWest increase the speed and certainty of digital remortgage and sale and purchase transactions to homeowners, driving efficiency and transparency.
Barry Connolly, MD, home buying and ownership, NatWest, says: "The Pexa platform will help to reduce the administrative burden and reduce the risk of fraud. This partnership will also accelerate processes through the automatic sharing of data between parties. We look forward to seeing the results."
NatWest and Pexa initially inked an exploratory deal in 2024 and are now pushing ahead after the vendor secured FCA approval to act as a Third Party Managed Account provider.
With the bank conducting 12.6% of all mortgages in the UK market in 2024, the agreement is a milestone for Pexa ahead of its launch of its broader sale and purchase solution in the autumn which will enable it to serve over 70% of property transaction types in England and Wales.
Joe Pepper, UK CEO, Pexa, says: "It is a pivotal moment in our mission for a lender the size of NatWest to see the potential benefits Pexa brings its customers and commit to adopting our platform to support its remortgage transactions."