Brokers can now switch their customer’s previously selected product on to a new product
Virgin Money and Clydesdale Bank have updated their mortgage lending policies to allow brokers to switch their customer’s previously selected product onto a new product from the lenders’ current business range.
Product switching is available on cases that are at pre-offer stage or are within 60 days from the date on the offer if at offer stage. Brokers can help their customers in switching products once on pipeline cases, or they will be asked to submit a new application.
At Virgin Money, brokers are advised to call the lender’s mortgage processing team and let them know which product the customer would like to switch to.
For Clydesdale Bank clients, a change of application form must be completed and uploaded on the lender’s application portal.
Once the product is changed, the lender will send a new offer to the customer, but if the case is not yet at offer stage, the bank will send an updated illustration instead.
The lenders clarified that there is no change to their approach for existing customers taking a product transfer, and 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 (pictured), head of intermediary sales at Virgin Money, said. “This latest change, where we are giving customers greater flexibility to switch products, is in addition to also giving brokers the functionality to help customers switch from a Freedom to Fix tracker on to a new fixed rate and earn a procuration fee.”
“Our BDMs also now have improved access to a dedicated underwriting team, who can agree an application upfront and provide more certainty for more complex cases. We also have a large loan helpline, where brokers can call a Clydesdale Bank underwriter for loans above £750,000 to discuss the application directly.”
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