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Virgin and Clydesdale combine restructured BDM teams and add 90 per cent LTV deals

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  • 25/02/2021
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Virgin and Clydesdale combine restructured BDM teams and add 90 per cent LTV deals
Virgin Money and Clydesdale Bank have combined and restructured their business development managers (BDMs) into one team across the two brands.

 

The move is part of the integration of the lenders under the Virgin Money brand after their merger in 2019.

The lenders said there had been some territory changes and admitted the team size had remained “largely unchanged” but did not give details of how many BDM positions had been affected or how big the team is now.

The new team will offer brokers support and advice across the full range of products and services including residential and buy-to-let mortgages at both banks.

“The key difference is that every BDM is able to support with both brands, so some brokers will already have a good relationship with their BDM as they dealt with them previously on a single brand,” a spokesman told Mortgage Solutions.

“In many occurrences, the broker will benefit from having more support as they will get a field and a telephony BDM supporting on both products rather just one previously.”

Sarah Green, head of mortgage distribution and general insurance at Virgin Money (pictured), added: “This is another important step in our journey to combine Virgin Money and Clydesdale Bank.

“The new team have a combined wealth of experience and will help brokers find the right product for their customers.

“As well as having access to a full range of Virgin Money and Clydesdale Bank products, brokers will be able to chat directly to their BDM about complex cases which may require a more flexible and bespoke approach to underwriting complex cases, something which Clydesdale Bank is widely known for.”

 

New products for professionals

Clydesdale Bank has also made changes to its product offering – cutting rates and introducing a pair of 90 per cent loan to value (LTV) deals for professionals.

The new 90 per cent LTV professional deals are available for purchase and remortgage, up to a maximum loan size of £750,000 in London and £450,000 throughout the rest of the UK, with a maximum term of 30 years.

These deals are not available for flats or maisonettes and new build purchases.

The two-year fix is at 3.44 per cent and the five-year version at 3.64 per cent.

Seven other products have seen interest rates cut by 10 basis points (bps), including the two-year fixed fee offer deal at 85 per cent LTV which is now at 2.89 per cent.

The reciprocal options for professionals and newly qualified professionals have also been reduced to 2.85 per cent and 3.05 per cent respectively.

Green added: “We’ve reduced rates across our Clydesdale Bank mortgages. We keep our rates under review and these latest changes demonstrate our support for first time buyers as well as anyone looking to move house or remortgage.”

 

 

 

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