A new online service to provide increased ease for those looking to switch their mortgage to Lloyds Bank has been unveiled.
It includes features such as the ability to save and resume in-progress applications.
The bank said that over 33,000 people changed mortgage lenders in the last month alone, with remortgage activity likely to continue as borrowers look to take advantage of the continuing low rate environment.
Nick Edwards, Lloyds Bank digital director, said: “If borrowers want to get a better deal on their existing mortgage by switching their lender, we want the process that they follow to be as simple and convenient as possible.
“We know from speaking to people who are thinking about moving their mortgage the most important factors are the rate that they are able to secure and the overall cost of the borrowing. These are now part of the first step in our application process so people don’t spend time providing information to then find out that they can’t get the specific mortgage rate they want.”
Borrowers looking to switch their existing mortgage to Lloyds Bank can use the bank’s online mortgage calculator to see if they could save money on their monthly mortgage payments. They can then apply online for an Agreement in Principle (AIP) in minutes which, if approved, provides an indication of whether the bank can lend the amount of money required.
Following the AIP, the full mortgage application can now be completed entirely online, with applicants able to upload documents electronically and self-select the type of mortgage, such as a variable or fixed term, and associated rate that they want. Taking around 30 minutes to complete the application, there is also a live webchat service provided to support with any questions that may arise during the process.
Edward added: “By introducing a fully online application process we are further increasing the choice we provide for people in how they want to manage their mortgage and allowing them to decide when and where is most convenient.”