"We are now able to offer multiple product switches on applications pre-completion."
- Richard Walker, head of intermediary sales at Virgin Money
Virgin Money and Clydesdale Bank have improved their product switching policy for pipeline cases, allowing intermediaries to switch their client's previously selected product onto a new product from the lenders' current new business range as many times as needed prior to completion.
Product switching is available on cases that are at pre-offer or post-offer stage up until the lenders have received the Certificate of Title from the solicitor.
For Virgin Money cases, brokers can complete the new mortgage product switch form on the website and email it to NLproductswitch@virginmoney.com.
For Clydesdale Bank switching, intermediaries should complete the change of application form and upload it on the application portal.
Both lenders will review the request within five working days and will update the product if the case is not yet at offer stage and send a new offer to the customer.
There’s no change to the approach for existing customers taking a product transfer and Virgin and Clydesdale will continue to accept pipeline product switches as usual.
Virgin and Clydesdale said their website and literature will be updated in the coming days.
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.”
