Metro Bank has launched a brand new portal designed to help intermediaries switch their customers’ mortgage deals online.
The 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.
In what Metro claims is a market first, the product switching portfolio gives brokers clear and instant information to help them share new and existing products with homeowners in a matter of minutes.
Customers switching via the portal 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: “As we continue to grow the mortgage business, we’re always looking for ways to improve it and simplify the process for intermediaries and customers alike.
“The new portal is the result of direct feedback from our network of intermediaries and represents a real game changer for the industry."
Jeremy Duncombe, director of Mortgages at the Legal & General Mortgage Club, welcomed the new portal.
“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 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.”
Metro has ambitious growth plans after launching a new intermediary website and says all its mortgages will be individually underwritten to suit customers’ circumstances.
Its mortgage lending doubled last year and the bank expects to become a top 10 UK lender within the next few years.