Aldermore upgrades product switch functionality

POSTED: 18th February 2021
IN: Newsroom

Aldermore bank has today launched an upgraded product switch functionality, benefiting customers and brokers alike, with a straight-forward six step online process.

The initiative applies to residential customers who live in their own home, residential landlords who let out their property to tenants, and the brokers that guide both customer sets.

Superior product switch functionality

Following a successful pilot with four of our broker network partners, Aldermore bank is expanding our enhanced product switch capabilities to all our brokers from today. The updated system will make it as quick and easy as possible for brokers to switch their existing residential and landlord clients to a new Aldermore mortgage through our portal.

The new capability means brokers will benefit from quick, seamless, and hassle-free digital process which will mean:

  • A product switch can be completed fully online, in just six easy steps, at any time that suits – and there’s no need to call or email
  • Existing customers will benefit from great product switch rates and deals, which are based on the latest property valuation we have on their file and their outstanding mortgage balance
  • There are no valuation, solicitor or product fees to pay, alongside no early redemption charge (ERC) when their broker switches their product within three months of a customer’s existing fixed rate deal coming to an end
  • No new credit or affordability checks – unless a borrower wishes to borrow more
  • Quicker introduction process for new clients that makes switching to us quicker and simpler

The upgrade also includes a renewed house valuations process that will accurately identify the best products for our customers by using the most up to date valuation of their property.

Jon Cooper, head of mortgage distribution, Aldermore said: “Our goal is to deliver for brokers an end-to-end digital experience, and these upgrades provide a substantial step forward on that journey. The new, best-in-class, self-service product switch feature will ensure customers benefit from a great rate and gives brokers a streamlined and straightforward process that will speed up many cases significantly.

“We’ve worked alongside brokers on these initiatives to make sure they work for them. We have developed a comprehensive toolkit on the website to ensure they are clear and easy to adopt. This past year has proven digital is the future of our industry and Aldermore is committed to providing the best platform it can for brokers and customers alike to move forward with us on these exciting advancements.” 


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