Vida will pay a procuration fee of 0.30% on every product switch completed
Vida has launched an intermediary product switch portal to provide brokers with a simple way to undertake a product transfer for their clients.
The portal provides tailored product solutions and can be arranged in 15 simple clicks, taking less than 15 minutes to complete.
It is accessible on a desktop, tablet or mobile phone. It involves a one-time-only registration process and brokers are then able to input their client details, before the portal completes a real time eligibility check, and displays the product transfer options available. Throughout the acceptance process, the system also emails the client a copy of the offer and other supporting documents for their records. Fees can be added to the loan, or they can be paid by the client on a secure system.
Vida will pay a procuration fee of 0.30% on every product switch completed.
Richard Tugwell, director of mortgage distribution at Vida, 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.
He said: 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.