Metro Bank has described its new portal as a “real game changer” for the industry, as it has been designed specifically for intermediaries to help customers switch mortgage deals online has been launched by Metro Bank.
The Product Switching Portal has been created with input from the intermediary sector, and represents the first phase of its mortgage switching initiative that will see further development throughout the year.
It gives brokers “clear and instant” information to help them share new and existing products with homeowners in a matter of minutes.
Via the portal customers will benefit in most cases from no legal or valuation fees with the added option of switching up to three months early without incurring an early repayment charge.
Charles Morley, head of mortgage distribution at Metro Bank, said: “The new portal is the result of direct feedback from our network of intermediaries and represents a real game changer for the industry.
“The beauty of the tool is its simplicity; it is easy to navigate and relays all of the required information in a clear and easy to understand format, designed to make the process of switching a mortgage simple and effective.
“We’re confident the Product Switching Portal will play a pivotal role in driving forward our ambitious growth plans across England and Wales.”
Jeremy Duncombe, director of mortgages at the Legal and General Mortgage Club, said: “We are delighted that Metro Bank has recognised the importance of the intermediary in this important sector.
“Borrowers need advice more than ever, and the Product Switching Portal will allow the broker to provide a better service to their customers.
“By liaising with the intermediary sector at all stages, Metro Bank has created something which helps the customer and supports the intermediary. We hope that this will encourage more lenders to do the same.”