Virgin Money and its parent Clydesdale Bank will relaunch their intermediary service commitment later this month, which means customers will receive an offer within 10 days of a fully packaged application being submitted. 

The lenders say as part of the promise to brokers, if an offer isn’t made within the committed timescales, customers will receive £100. 

They add terms and conditions apply to the agreement, which will be set out on the lenders’ intermediary websites. 

Virgin Money head of customer acquisition Sarah Green says: “Brokers are an integral part of our mortgage success and they regularly provide feedback which is invaluable in helping us continually improve. 

“They tell us that getting things done quickly along with price and criteria can make all the difference to their customers. 

“The relaunch of our service commitment is in direct response to what our brokers tell us is important and that’s why we will aim to issue an offer in 10 days of receiving a fully packaged application, or we’ll give customers £100 if they go on to complete with us.”

Last month, Virgin Money and Clydesdale Bank introduced new policies for contractors and umbrella company seeking a mortgage affected by new IR35 tax rules.