Aldermore has launched its revamped online switching portal, which takes six steps to complete.

The challenger bank says the system is for “residential customers who live in their own home, residential landlords who let out their property to tenants, and the brokers that guide both customer sets”.

It says the new system allows existing customers to benefit from product switch rates and deals, which are based on the latest property valuation the lender has on file and their outstanding mortgage balance.

The bank adds there are no valuation, solicitor or product fees to pay, alongside no early redemption charge when a broker switches a customer’s product within three months of their existing fixed-rate deal coming to an end.

Also, there will be no new credit or affordability checks – unless a borrower wishes to borrow more.

The Reading-based lender adds, the upgrade includes a renewed house valuations option that identifies the best products for customers by using the most up-to-date valuation of their property.

The bank says the new system has been successfully piloted with four broker networks.

Aldermore head of mortgage distribution Jon Cooper says: “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.”

Cooper adds: “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.”