Virgin Money said that, previously, all clients had to sign and return an offer acceptance form for their product transfer to compete.
Now, in “most cases”, the lender will set up their new deal automatically, 10 days after the date of their offer.
Customers taking out additional borrowing with a product transfer will still need to complete an offer acceptance form.
The product transfer deal will start when their current deal ends, but the lender said it would advise the next steps in the offer documentation if this differed.
Virgin Money said that if the application was received before the 10th of the month prior to maturity, the new deal should start on time, but if the application was received later than the 10th, customers could end up paying a higher variable rate.
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The lender said that “to speed things up and accept the deal before [the] 10 days are up”, the broker or customer can email the lender on a specific email address.
If a customer decides not to progress with the offer, brokers should call before the acceptance date that is detailed in the offer, otherwise the offer will automatically complete.
Earlier this month, the firm increased select purchase, remortgage and product transfer rates.
