Direct Line has launched a current account mortgage identical to its sister company Virgin One’s product.
Both Direct Line and Virgin One are subsidiaries of Royal Bank of Scotland. The new offering, Direct Line One account, has the same interest rate as the established Virgin One account ‘ between 5.1% and 5.95%, depending on LTV ‘ and the same conditions, including the rule that salary must be paid into the account.
Lesley Ferguson, spokesperson for Direct Line Financial Services, claimed that although the products were identical, they are targeted at different markets.
‘They are similar products ‘ both the rate and the terms and conditions on the product are identical to that offered by the Virgin One Account. However, the Direct Line One account is aimed at a more mass market than Virgin One has been,’ she said.