Metro Bank has announced the launch of a new portal designed for intermediaries to help customers switch mortgage deals online.

The portal represents the first phase of its mortgage switching initiative that will see further development throughout the year, the bank said.

The Product Switching Portal provides brokers with information to help them share new and existing products with homeowners in a matter of minutes.

The bak claimed that customers switching via the portal will benefit, in most cases, from no legal or valuation fees with the added option of switching up to three months early without incurring an early repayment charge.

Charles Morley, head of mortgage distribution at Metro Bank, said: “As we continue to grow the mortgage business, we’re always looking for ways to improve it and simplify the process for intermediaries and customers alike. The new portal is the result of direct feedback from our network of intermediaries and represents a real game changer for the industry.

“The beauty of the tool is its simplicity; it is easy to navigate and relays all of the required information in a clear and easy to understand format, designed to make the process of switching a mortgage simple and effective.

“We’re confident the Product Switching Portal will play a pivotal role in driving forward our ambitious growth plans across England and Wales.”

Jeremy Duncombe, director of mortgages at the Legal & General Mortgage Club, added: “We are delighted that Metro Bank has recognised the importance of the intermediary in this important sector. Borrowers need advice more than ever, and the Product Switching Portal will allow the broker to provide a better service to their customers.

“By liaising with the intermediary sector at all stages, Metro Bank has created something which helps the customer and supports the intermediary. We hope that this will encourage more lenders to do the same.”