Virgin Money has altered its criteria so brokers switching customers from Freedom to Fix trackers to a fixed deal will receive a product transfer procuration fee.
The specific proc fee amount was not confirmed but a spokesperson said that it was based on what was lent to the customer.
The lender said of the change: “We know this is important to you and after listening to feedback we’re delighted to announce our updated approach.”
In order to secure the fee, a broker needs to choose a fixed rate product from Virgin Money’s current range, and then give the lender’s mortgage processing team call to select the deal.
The broker then needs to share the customer’s account number. The lender will then confirm the customer’s new deal, produce an offer and provide an illustration.
The customer will need to return a completed acceptance form.
Fixed rate deals at the lender start from 5.38 per cent for a two-year fixed rate at 65 per cent loan to value with a £995 fee.
Five and 10-year fixed rates are also available.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
