Virgin Money launches mortgage retention platform for intermediaries
- Virgin Money will pay procuration fees for mortgage retention business from 4 July
As part of its stated ambition to support its intermediary partners to grow their mortgage businesses, Virgin Money has announced that it has launched its new mortgage retention platform which enables intermediaries to provide advice to its maturing mortgage customers from today.
Intermediaries will be paid a procuration fee for returning an existing mortgage customer to Virgin Money upon maturity of their existing product. A quick and straightforward online process has been developed for intermediaries and their clients to follow, which includes the option to apply for a product transfer up to 120 days before maturity takes place.
Peter Rogerson, Director of Mortgages at Virgin Money, said: “Virgin Money understands the value that intermediaries bring when they return their clients to our business, and that’s why we have decided to invest in building a process for product transfers. This is further evidence of our commitment to the intermediary market and our strong belief in a fair day’s pay for a fair day’s work, as we think that is what a true partnership is all about.”
Martin Reynolds, Chief Executive SimplyBiz Mortgages, 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 news from Virgin Money that they will be paying a procuration fee to recognise the work an adviser still has to do to ensure the best customer outcome.”
Sally Laker, Managing Director at Mortgage Intelligence said: “Product transfers are an important segment of the mortgage market, so it’s great to see Virgin Money recognising the role intermediaries can play in that process. We also welcome 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.”
Full details of the Virgin Money mortgage range are available at www.virginmoney.com.
Virgin Money Press Office
0191 279 4676
About Virgin Money
- Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to over 3 million customers across the UK.
- 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 shareholders.
- More than 11,500 charities have registered with Virgin Money Giving and, by the end of 2015, over £420 million had been raised for charity through the service since its launch in 2009, resulting in an estimated £13 million more raised for charity because of its not-for-profit model.