Lloyds Bank introduces online remortgage service

11th April 2016

Lloyds Bank has launched an online remortgage service, making it more convenient for borrowers move their mortgage to a better deal.

More than 33,000 people have changed mortgage lenders in the last month, with remortgage activity set to continue as borrowers look to take advantage of the ongoing low-rate environment.

Borrowers looking to switch their existing mortgage to Lloyds Bank can use its 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 money they require.

Following the AIP, the full mortgage application can be completed entirely online, with applicants able to upload documents electronically and select the type of mortgage, such as a variable or fixed-term, and the associated rate.

Taking around 30 minutes to complete the application, there is also a live webchat service to assist with any questions that may arise during the process.

Nick Edwards, Lloyds Bank digital director, says: “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.”

*2 year fixed with TSB 1.09% then 3.59% - APRC is 3.3% Max LTV is 60%. Quoted on 27th May 2020.