The mortgage lender Vida has introduced a brand-new portal to its website that is designed to make the process of transferring from one product to another on behalf of clients easier for advisors.
These mortgage product transfers are a burgeoning part of the industry and have kept a number of advisor businesses ticking over during the pandemic. In the past, such deals were often completed via direct contact between borrowers and mortgage lenders, but increasingly, people are opting to get help from advisors when looking to switch between loans.
This is good news for advisors who are looking for more clients to grow their businesses, but the fact that many of the systems provided by the big lenders are not equipped to deal with such cases handled by advisors has been a big problem. Most of these systems are still set up for the old direct way of completing product transfers.
This leaves advisors having to do a lot of the work manually, which is time-consuming, and solving that was the impetus behind the Vida portal. Speaking to Mortgage Introducer, Richard Tugwell from Vida said:
“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.”
Like using an internet-based CeMAP training company to get the qualification needed to become an advisor, this is another example of tech making the lives of mortgage advisors easier.
