The bank has said if brokers submit a fully packaged purchased application by 15 January, it will issue an offer by 29 January or give the customer £200 if it fails to do so.
This is in an aim to give customers enough time to complete their case before the 31 March deadline, as purchases typically complete eight weeks after a mortgage offer has been issued.
The bank has also reduced valuation fees as of 11 December, starting at £124 for properties with a value of up to £100,000.
Virgin reduces mortgage rates
Virgin Money has cuts rates on a number of mortgages up to 90 per cent loan to value (LTV).
The five-year fixed fee-free mortgage at 85 per cent LTV has seen the largest reduction of 43 basis points to 3.36 per cent.
Elsewhere, the five-year fixed mortgage 75 per cent LTV with a £995 fee has been reduced by 0.25 per cent to 1.88 per cent, while the two-year fix at the same tier has been cut to 2.23 per cent from 2.53 per cent.
Additionally, the shared ownership two-year fixed mortgage at 90 per cent LTV has been reduced to 3.29 per cent, a cut of 10 basis points.
Virgin Money has also changed the incentives on its products with the removal of free valuations and the introduction of £500 cashback on some products.
These changes are effective from today.