Virgin Money has announced a significant update to its product transfer acceptance process, aiming to make the experience smoother for clients.
Automatic Acceptance Introduced
Previously, customers were required to sign and return an Offer Acceptance Form to finalise their product transfer. This additional step often added time and complexity to the process.
Now, Virgin Money will set up the new deal automatically in most cases. The bank explained that the new arrangement will activate 10 days after the offer date, coinciding with the end of the current mortgage deal.
A spokesperson for Virgin Money said, “In most instances, there is no longer a need for clients to manually accept product transfer offers. We believe this change will greatly simplify the process for our customers.”
Special Circumstances Still Apply
However, not every case will follow this new automatic path. If specific actions are required from the client, Virgin Money will provide clear instructions within the offer documentation.
“If circumstances are different, Virgin Money will give instructions in the offer paperwork,” the bank confirmed.
Important Application Timelines
Timeliness remains crucial. Applications must be received by the 10th of the month preceding the deal’s maturity date to ensure a smooth transition onto the new deal. Submissions after the 10th may lead to clients temporarily paying a higher variable rate.
The lender clarified, “Applications received before the 10th of the month before the deal matures should start on time. Late applications, after the 10th, could mean clients pay a higher variable rate.”
Extra Borrowing Still Requires Formal Acceptance
While the process has become more streamlined for standard product transfers, clients seeking additional borrowing will still need to complete and return an Offer Acceptance Form.
Virgin Money stated, “Clients who take a product transfer with extra borrowing still need to complete an Offer Acceptance Form.”
What This Means for Clients
This change is expected to offer a more seamless experience, reducing paperwork and the risk of delays. It particularly benefits clients looking for straightforward product transfers without additional borrowing needs.
In practical terms:
- Standard product transfers: automatic acceptance after 10 days.
- Special instructions: communicated within the offer paperwork.
- Deadline for timely applications: 10th of the previous month.
- Extra borrowing: Offer Acceptance Form still required.
Virgin Money’s decision to automate product transfer acceptances reflects a broader trend among lenders aiming to simplify customer journeys.
While clients still need to be mindful of application deadlines and specific circumstances, the overall process is now much more customer-friendly. Those seeking extra borrowing, however, should be prepared to complete the traditional acceptance form to ensure a smooth transition.
