Vida Homeloans has launched a new portal that promises to allow the arrangement of a product switch in less than 15 minutes.

The lender says the new platform, which has just finished being piloted, has been developed alongside brokers and allows for the easy transaction of complex needs in 15 “simple clicks” within the aforementioned 15 minutes.

The new system can be accessed on a desktop computer, a tablet or a mobile phone.

Intermediaries who use the new portal will receive a procuration fee of 0.30% for every completed product switch, Vida adds.

Just over a year ago, Vida partnered with fintech firm Zoot to develop an end-to-end mortgage platform that it says will place “intermediaries at its heart.”

As part of this announcement, the lender announced a £5m investment in its technology strategy.

On its latest development, Vida director of mortgage distribution Richard Tugwell says: “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.”