Brokers can now switch a previously selected product on to a new product as many times as needed prior to completion
Virgin Money and Clydesdale Bank have enhanced their product switching policy for pipeline cases, allowing the switching of a customer’s previously selected product to a new one from the current new business range multiple times before completion.
Product switching is available on cases at the pre-offer or post-offer stage, extending until the receipt of the Certificate of Title from the solicitor.
For Virgin Money switching, the process involves completing the Mortgage Product Switch Form and sending it to [email protected].
For Clydesdale Bank switching, the Change of Application Form must be filled and uploaded on the application portal.
The request will be reviewed within five working days, and if the case has not reached the offer stage, the product will be updated accordingly. Subsequently, a new offer will be sent to the customer following the product change.
The lenders said the process for existing customers taking a product transfer remains unchanged and that they will continue to accept pipeline product switches as usual.
“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,” Richard Walker, head of intermediary sales at Virgin Money, said.
“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.”
Want to be regularly updated with mortgage news and features? Get exclusive interviews, breaking news, and industry events in your inbox – subscribe to our FREE daily newsletter. You can also follow us on Facebook, Twitter, and LinkedIn.
