Virgin Money:
Initial Assessment:- 2 days
- Correspondence & Valuations:– 1 days to assess documents and 1 day to assess valuations
- Speed to Offer:– 11 days
- Calls:– 81% answered & Webchat 97% answered. Average wait time 14;21.
- Policy Exceptions:– 3 days
- New adviser registrations:- 12days
- Product Transfers – Offers 4 days; Correspondence 2 days; Underwriting 2 days
Clydesdale Bank:
Initial assessment:- 2 days
- Correspondence & Valuations:- 2 days to assess documents and 1 day to assess valuations
- Offers:- 3 days
- Speed to Offer:- 15 days.
- Cases fully packaged at outset are achieving lower speed to offer timescales
- Average speed to offer is working days based on applications received since April 2021.
- New adviser registrations:
- Adviser already on VM panel and firm already on CB panel:- <2 days
- All other registration requests:- <5 days.
- Product Transfers:- 2 days
This weeks 3 Key things:
Virgin Money Product Transfers – What you need to know!
- Straight balance swap product transfer – Apply online and we will send an offer with an acceptance form via e mail to you, our intermediary partner and by post and e mail to your customer
- Acceptance forms need to be signed and returned by your customer. For a straight balance swap we will accept an e mail copy, if you apply for additional borrowing we will need a wet signature from your customer
- Acceptance form needs to be in by 5pm on the last working day before the 18th of the month for a guaranteed completion turnaround for the 1st of the following month
- Once an acceptance form has been acknowledged by our processing team, no amendment to the rate can be made within the calendar month leading up to planned completion date, without incurring a payment on SVR. Please contact your BDM should you wish to explore this option for your customer so they can explain further
- Shared Ownership – we are unable to process these electronically on VMO – please call our team on 0345 600 1477 who will be able to support you!
Clydesdale Product Transfers – What you need to know!
If you want to take advantage of a lower rate you can cancel the application and easily re-apply
- We need to receive the application within 10 working days before the product end date to guarantee completion
- Clients can over pay without incurring a penalty within 90 days of the product end date
Virgin Money BTL – Lower stress for Straight Balance swap Remortgages!
- We offer 125% at either 5% or product rate plus 1% whichever is higher, for both 2 and 5 year rates.
- We do not differentiate between basic and higher rate tax payers
- Try our BTL calculator