Virgin Money has launched a new mortgage retention platform to enable intermediaries to provide advice to its maturing mortgage customers.
And now intermediaries will be paid a proc fee for returning an existing mortgage customer to Virgin Money upon maturity of their existing product.
Peter Rogerson, director of mortgages at Virgin Money, said: “Virgin Money understands the value that intermediaries bring when they return their clients to our business, and that’s why we have decided to invest in building a process for product transfers.
“This is further evidence of our commitment to the intermediary market and our strong belief in a fair day’s pay for a fair day’s work, as we think that is what a true partnership is all about.”
Martin Reynolds, chief executive SimplyBiz Mortgages, welcomed the move.
He said: “The product transfer market will be growing over the
next few years and lenders that embrace the intermediary within this sector will be welcomed. It is yet further good news from Virgin Money that they will be paying a procuration fee to recognise the work an adviser still has to do to ensure the best customer outcome.”
Sally Laker, managing director at Mortgage Intelligence said: “Product transfers are an important segment of the mortgage market, so it’s great to see Virgin Money recognising the role intermediaries can play in that process.
“We also welcome that they offer existing customers the same products as those available to new customers, and include those
products on sourcing systems, making the advice process more straightforward.”