Vida has launched an intermediary product switch portal to provide brokers with a way to undertake product transfers for their clients.
Product transfers have been a real lifeline for brokers over the past 15 months and remain on the increase, with more and more brokers getting involved, rather than clients just dealing directly with the lender.
The challenge for brokers has always been that legacy systems weren’t built for broker-led product transfers and so can be clunky, with a great deal of manual intervention required, ultimately eating into the broker’s time.
Richard Tugwell, director of mortgage distribution at Vida, said: “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.”