Accord Mortgages has reported a 53% increase in online product transfers since launching a new process.
While online transfers have been available since April 2014, the improved system which enables brokers to view a client’s balance, compare products and monthly payments and produce and accept an offer on their client’s behalf within minutes officially launched to brokers in March 2018.
For ‘straightforward’ mortgage switches, there is no requirement for affordability assessments, valuations or credit checks which significantly speeds up the process for existing customers, ensuring a more streamlined and efficient application journey.
Jeremy Duncombe (pictured), director of intermediary distribution at Accord Mortgages, said: “We recognise how hard brokers work to retain clients, which is why in addition to paying a 0.30% retention procuration fee, we’ve invested in our systems to ensure they are as simple as possible. It’s reassuring to see that the online process is now being used by the majority of intermediaries to complete product transfers.
“Ensuring a client gets good advice at time of maturity is vital, which is why all our communications consistently direct customers back to their broker. Once it’s agreed that a product transfer is the best option, being able to easily navigate the application, complete in just a few minutes and reduce paperwork makes life easier for both brokers and their clients.”