Virgin Cash and Clydesdale Financial institution have launched product switching on pipeline circumstances, which implies that brokers can swap a consumer’s beforehand chosen mortgage to a brand new product from the present new enterprise vary of the banks.
Product switching is offered on circumstances which are on the pre-offer stage, or are inside 60 days from the date on the supply if on the supply stage.
The lenders say brokers may also help purchasers swap merchandise as soon as on pipeline circumstances, in any other case, they’ll ask for a brand new software to be submitted.
At Virgin Cash, brokers ought to name its mortgage processing crew and allow them to know which product the consumer wish to swap to.
As soon as the crew has modified the product, they’ll ship a brand new supply to the shopper. If the case just isn’t but on the supply stage, the lender will as an alternative ship an up to date illustration.
At Clydesdale Financial institution, brokers ought to full its change of software kind and add it on the applying portal.
As soon as it has modified the product, the financial institution will ship a brand new supply to the shopper. If the case just isn’t but on the supply stage, it should as an alternative ship an up to date illustration.
The lenders say there is no such thing as a change to their strategy for present clients taking a product switch and the banks will proceed to simply accept pipeline product switches as ordinary.
Virgin Cash head of middleman gross sales Richard Walker says: “As an intermediary-led lender we worth the suggestions we obtain from brokers and are continuously taking a look at methods during which we are able to enhance the service they obtain from us.
“This newest change, the place we’re giving clients larger flexibility to modify merchandise, is along with additionally giving brokers the performance to assist clients swap from a freedom to repair tracker on to a brand new mounted charge and earn a procuration payment.”
“Our enterprise improvement managers additionally now have improved entry to a devoted underwriting crew, who can agree an software upfront and supply extra certainty for extra advanced circumstances.
“We even have a big mortgage helpline the place brokers can name a Clydesdale Financial institution underwriter for loans above £750,000 to debate the applying straight.”