Vida Homeloans has announced the launch of an intermediary product switch portal to provide brokers with a seamless way to undertake a product transfer for their clients.

The specialist mortgage lender suggested that product transfers have been a “lifeline” for brokers over the past 15 months.

Vida’s intermediary product switch portal is a fully digital solution developed in conjunction with brokers, and will provide tailored product solutions in less than 15 minutes.

After receiving positive feedback from both brokers and customers during the system’s pilot programme, Vida is to now offer the intermediary product switch portal to all brokers. The lender also revealed it will pay a procuration fee of 0.30% on every product switch completed.

Vida director of mortgage distribution, Richard Tugwell, commented: “As a market leading lending specialist, we are committed to making our processes as easy as possible, providing a great range of options for our broker’s clients.

“The increase in product transfers is set to continue, so launching our best of breed product switch portal means brokers will be able to complete the product transfer journey in less than 15 minutes with everything completed online.

“We have worked very closely with our intermediary partners to design a bespoke process based on the insight and experience they have gained from using existing lender systems and therefore we have been able to create a simple process that gives them exactly what they need.”

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