The function is a six step online process and applies to residential customers who live in their own home, residential landlords and brokers.
Following a successful pilot with four of their broker network partners, Aldermore is expanding their upgraded product switch functionality to all brokers from today.
The updated system will make it as “quick and easy as possible” for brokers to switch their existing residential and landlord clients to a new Aldermore mortgage through their portal, the bank says.
Existing customers will benefit from the best product switch rates and deals, which are based on the latest property valuation Aldermore have on their file and their outstanding mortgage balance.
There are no valuation, solicitor or product fees to pay, alongside no early redemption charge (ERC) when their broker switches their product within three months of a customer’s existing fixed rate deal coming to an end.
There are also no new credit or affordability checks, unless a borrower wishes to borrow more.
The upgrade also includes a renewed house valuations process that will identify the best products by using the most up-to-date valuation of their property.
Jon Cooper, head of mortgage distribution at Aldermore, said: “Our goal is to deliver for brokers an end-to-end digital experience, and these upgrades provide a substantial step forward on that journey.
“The new, best-in-class, self-service product switch feature will ensure customers benefit from a great rate and gives brokers a streamlined and straightforward process that will speed up many cases significantly.
“We’ve worked alongside brokers on these initiatives to make sure they work for them.
“We have developed a comprehensive toolkit on the website to ensure they are clear and easy to adopt.
“This past year has proven digital is the future of our industry and Aldermore is committed to providing the best platform it can for brokers and customers alike to move forward with us on these exciting advancements.”
