Virgin Money to be MMR compliant early
Back in December Virgin made a number of changes to its processes to ensure that decisions run prior to the introduction of the new MMR rules will not need to be reprocessed and can be submitted as full applications as normal.
Changes to come into effect in April include an end to all non-advised sales with all new non-advised applications required by close of business on Thursday 17 April.
Applications submitted prior to this date will be allowed to continue under that level of service for a period of three months from 26 April.
After that time, any cases where a material change is made will become subject to the new MMR advice rules, and will be referred back to the broker for them to advise their client accordingly.
In addition Virgin will start accepting execution only applications in addition to the usual advised mortgage business. Execution only will be restricted to specific customers and will come with certain qualifying criteria.
Those who qualify for execution only include high net worth customers, mortgage professionals and existing Virgin Money customers who are porting.
MMR comes into effect on 26 April.