Intermediaries will be paid a retention fee for returning an existing mortgage customer to Virgin Money when their deal term expires.
The website software addition, designed with broker input, offers access to the lender’s front book deals as well as additional back book mortgages no longer available to new customers.
Intermediaries can also apply for a product transfer up to 120 days before maturity on the retention software.
Peter Rogerson, director of Mortgages at Virgin Money, (pictured) said: “Virgin Money understands the value that intermediaries bring when they return their clients to our business, and that’s why we have decided to invest in building a process for product transfers. This is further evidence of our commitment to the intermediary market and our strong belief in a fair day’s pay for a fair day’s work, as we think that is what a true partnership is all about.”
Jeremy Duncombe, director, Legal & General Mortgage Club, said: “As Virgin Money continues to lead the way on proc fees, we hope to see more lenders follow and reward brokers accordingly, for the vital service they provide to the market.”
Martin Reynolds, chief executive SimplyBiz Mortgages, said: “The product transfer market will be growing over the next few years and lenders that embrace the intermediary within this sector will be welcomed.”
Sally Laker, managing director at Mortgage Intelligence, said: “We also welcome that they offer existing customers the same products as those available to new customers, and include those products on sourcing systems, making the advice process more straightforward.”