Virgin Money has launched a new mortgage retention platform to enable intermediaries to provide advice to its maturing mortgage customers.
Virgin Money has launched anew mortgage retention platform toenable intermediaries to provide advice to itsmaturing mortgage customers.
And now intermediaries will be paid a proc fee for returning an existing mortgage customer to Virgin Money upon maturity oftheir existing product.
Peter Rogerson, director of mortgages at Virgin Money, said: “Virgin Money understands the value that intermediariesbring when they return their clients to our business, and that’s why we have decided to invest in building a process forproduct transfers.
"This is further evidence of our commitment to the intermediary market and our strong belief in a fair day’spay 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 newsfrom Virgin Money that they will be paying a procuration fee to recognise the work an adviser still has to do to ensure thebest customer outcome."
Sally Laker, managing director at Mortgage Intelligence said: "Product transfers are an important segment of themortgage market, so it’s great to see Virgin Money recognising the role intermediaries can play in that process.
"We alsowelcome 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."
