Virgin Money has automated the majority of its product transfer offer acceptances.  

The lender says “in most cases” it will now set up these new deals automatically, 10 days after the date of a client’s offer, it tells brokers on its online hub. 

The bank adds: “It will start when their current deal ends. Should this differ, we will advise the next steps in the offer documentation.” 

“If we receive the application before the 10th of the month prior to maturity, their new deal should start on time.  

“If the application is received later than the 10th, they could end up paying a higher variable rate.” 

The lender points out that previously, all clients had to sign and return an offer acceptance form for their product transfer to complete. 

However, the firm warns that if clients decide not to go ahead with the offer, brokers must call the bank “before their deemed acceptance date, which is detailed in their offer. 

“Otherwise, we’ll assume that it’s happening, and the product transfer will automatically complete.”