The updated product switching process means that brokers can change their customer’s previously selected product onto a new product from its new business range as many times as needed prior to completion.
The lender said that it knew that this was “important” to brokers and the change came following feedback.
The firm continued that product switching was available in cases that were at the pre-offer or post-offer stage until it had received the certificate of title from the solicitor.
Work the mortgage process
It added that for Virgin Money cases a new mortgage product switch form should be completed and could be found on the website.
The company said that for both lenders a mortgage product switch form or change of application form would need to be completed and the request would be reviewed within five working days.
If the case is not at the offer stage, then the product would be updated and once this was changed, a new offer would be issued to the customer.
No change on product transfers
It said that there was no change in approach for existing customers taking a product transfer and it would accept pipeline product switches as usual.
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.
“Following last week’s improvements to affordability for residential mortgages fixed for five years or longer, it’s great that we are now able to offer multiple product switches on applications pre-completion.”
Virgin Money recently extended its maximum mortgage term for all residential mortgage to 40 years and updated its affordability assessment for residential mortgages fixed for five years or longer.
Virgin Money agreed a £1.7bn takeover of Clydesdale Bank in 2018 after reaching an agreement with the latter’s owner, CYBG Group.
