Metro Bank has introduced a new mortgage switching portal, specifically built for intermediaries to help customers switch mortgage deals online.

The new portal, which marks the first phase of its mortgage switching initiative, has been developed with input from the intermediary sector, the bank said.

It will offer brokers clear and instant data to help them share new and existing products with homeowners in minutes.

Customers using the portal will not be required to pay any legal or valuation fees, and will get the added option of switching up to three months early without incurring an early repayment charge, the bank added.

Metro Bank head of mortgage distribution Charles Morley 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."