Both Virgin Money and Clydesdale Bank have made changes to their mortgage lending policy, which sees both lenders now support product switching on pipeline cases.
This means that brokers can now switch a customer’s previously selected product onto a new product from either lenders’ new business ranges.
The new 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.
Richard Walker, head of intermediary sales, said: “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.
“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.”
He added: “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 £750k to discuss the application directly.”
