For borrowers who have paid off their credit cards in full for at least the last six months before applying, the lender will not include this in their affordability assessment. If the credit card balance has been £0 during this period, it will count as being repaid in full.
For applicants who have fully paid off their credit cards in the six months before their application, brokers must not key this into the affordability calculator.
This change applies from 17 January.
Virgin Money
Virgin Money and Clydesdale Bank have updated their policy to allow product switching for applicants in the pipeline.
Brokers will be able to choose a product from the lender’s new business range on their client’s behalf while at the pre-offer stage.
This can only be done once, otherwise any further changes require a new application to be submitted.
Richard Walker, head of intermediary sales at Virgin Money, said: “As an intermediary-led lender we value the feedback we receive from brokers and are constantly looking at ways in which we can improve the service they receive from us.
“This latest change, where we are giving customers greater flexibility to switch products, is in addition to also giving brokers the functionality to help customers switch from a Freedom to Fix Tracker on to a new fixed rate and earn a procuration fee.”
“Our business development managers (BDMs) also now have improved access to a dedicated underwriting team, who can agree an application upfront and provide more certainty for more complex cases. We also have a large loan helpline where brokers can call a Clydesdale Bank underwriter for loans above £750,000 to discuss the application directly.”
