The online portal, which pays an unconfirmed fee to advisers, was developed in partnership with the advice industry and is the launch of an initiative with more development throughout the year.
In a market first, Metro Bank said the portal will help brokers guide customers through its new and existing products swiftly.
Customers using the portal will not have to pay legal or valuation fees and can switch up to three months early with no early repayment charge.
Charles Morley, head of mortgage distribution at Metro Bank said: “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, said: “We are delighted that Metro Bank has recognised the importance of the intermediary in this important sector. 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.”
Metro Bank has just launched its intermediary website and made a series of senior hires within the team.
Metro said: “Mortgage lending doubled last year, with the bank expecting to become a top 10 UK lender within the next few years.”