Virgin Money and Clydesdale Bank have launched product switching on pipeline cases, which means that brokers can switch a client’s previously selected loan to a new product from the current new business range of the banks.  

Product switching is available on cases that are at the pre-offer stage, or are within 60 days from the date on the offer if at the offer stage.  

The lenders say brokers can help clients switch products once on pipeline cases, otherwise, they will ask for a new application to be submitted.  

At Virgin Money, brokers should call its mortgage processing team and let them know which product the client would like to switch to.  

Once the team has changed the product, they will send a new offer to the customer. If the case is not yet at the offer stage, the lender will instead send an updated illustration.  

At Clydesdale Bank, brokers should complete its change of application form and upload it on the application portal.  

Once it has changed the product, the bank will send a new offer to the customer. If the case is not yet at the offer stage, it will instead send an updated illustration.  

The lenders say there is no change to their approach for existing customers taking a product transfer and the banks will continue to accept pipeline product switches as usual.  

Virgin Money head of intermediary sales Richard Walker says: “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.”  

“Our business development managers 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 £750,000 to discuss the application directly.”