Virgin Money's intermediary commitments help drive mortgage growth
- Dedicated BDM support team have held 76,000 meetings with intermediary partners in 2015
- 95% of fully-packaged mortgage applications that went to offer did so within 10 days
- 25 exclusive Virgin Money products launched for intermediaries so far this year
- Gross mortgage lending growth of 38% delivered in the first nine months of 2015
Virgin Money has released details of how it has performed against the intermediary commitments it made in February 2015. The commitments lay out how Virgin Money will support its intermediary partners and a strong performance to-date has supported significant growth in Virgin Money’s mortgage business, with gross mortgage lending growth of 38% in the first nine months of 2015, compared to the same period in 2014.
In terms of delivering against the commitments:
Commitment 1: Provide dedicated service teams to support intermediary partners and listen to feedback
- Virgin Money has one of the largest teams of dedicated BDMs nationally, available to intermediaries face-to-face or over the phone.
- The team has held more than 76,000 partnership meetings so far this year to provide guidance, knowledge and support.
Commitment 2: Provide mortgage offers within 10 working days of receiving a fully-packaged application, or give the customer £100
- By processing applications as soon as they are received and instructing the valuation on day one, 95% of fully-packaged mortgage applications that went to offer did so inside Virgin Money’s 10 day SLA.
- On the small number of occasions where it has taken longer, in line with Virgin Money’s commitment the customer has received £100.
Commitment 3: Provide intermediary partners with access to Virgin Money’s full mortgage range, and not keep the best deals for direct customers
- Intermediary partners have had access to Virgin Money’s full mortgage range throughout 2015.
- In addition, intermediaries have also had access to 25 exclusive products so far this year.
Commitment 4: Provide at least 24 hours’ notice before increasing mortgage rates
- At least 24 hours’ notice has been provided on all rate increases, and
- The average notice period has actually been higher than that at 29 hours.
Sandra Bailey from Mortgage Store in Ampthill, Bedfordshire said: "With Virgin Money, it is refreshing to deal with a lender who answers the phone within a reasonable time frame, has very helpful staff and a website that’s user friendly."
Michelle Gilbert from John Charcol said: "We submitted an application at about 4.30pm and it offered less than 24 hours later. My mind is blown – I’ve never seen an application dealt with so quickly and I’ve been at this game for quite a few years now."
Peter Rogerson, Virgin Money’s Commercial Director for Mortgages said: "Strong relationships with our intermediary partners are a key component of our mortgage proposition, which is why we clearly laid out our partnership commitments early in 2015. We’re delighted to say that we have stuck by all of them, and exceeded in a number of areas. Combined with a number of other improvements we have made this year, such as our policy app and improved online affordability calculator, sticking to these commitments has been an important factor in delivering the strong mortgage lending growth we have seen so far in 2015. I would like to thank all of our intermediary partners for their support during 2015.
"We plan to deliver further improvements in 2016 to continue growing and developing our mortgage proposition and supporting our intermediary partners."
Full details of Virgin Money’s mortgage product range are available at www.virginmoney.com.
Virgin Money Press Office:
0191 279 4676
NOTES TO EDITORS
About Virgin Money
- Virgin Money provides savings, mortgages, credit cards, current accounts, pensions, investment and protection products
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to our shareholders
- Virgin Money is the official sponsor of the London Marathon, the biggest annual one-day fundraising event in the world. Virgin Money has helped London Marathon runners raise over £¼ billion, including funds raised through Virgin Money Giving the not-for-profit online fundraising service, since 2010.
Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.