Aldermore has introduced new product switch functionality, with a six-step online process, following an intermediary pilot.

It applies to 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.

The lender is now making the product switch capabilities available to all brokers.

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.

In addition, there are no new credit or affordability checks – unless a borrower wishes to borrow more, while the new functionality has a quicker introduction process for new clients.

The upgrade also includes a renewed house valuations process that will accurately identify the best products for Aldermore customers 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.”