The lender said product transfers had been a lifeline for brokers over the past 15 months, with expectations for business in this area to rise.
However, it said usual legacy systems were not built for broker-led transfers and often took a lot of time.
Using the portal, Vida aims to arrange a product transfer in less than 15 minutes. The system is being rolled out to all brokers after a trial period.
It is accessible on a desktop, tablet or mobile phone. It requires a one-time registration, and the broker will enter their client’s details while the portal conducts an eligibility check and displays available product options.
The system also emails the client a copy of the offer and other supporting documents. Fees can be added to the loan, or they can be paid by the client on a secure system.
Richard Tugwell, director of mortgage distribution at Vida, said: “The increase in product transfers is set to continue so launching our product switch portal means brokers will be able to complete the product transfer journey in less than 15 minutes with everything completed online.
“We have worked very closely with our intermediary partners to design a bespoke process based on the insight and experience they have gained from using existing lender systems and therefore we have been able to create a simple process that gives them exactly what they need.”