Virgin mortgage business will remain committed to intermediaries

Virgin Money has announced that its Virgin mortgage business is to remain committed to working with intermediaries and it promises not to favour direct business over the intermediary channel.

The lender announced that the interests of their intermediary partners are at the heart of their business development plans. They have promised not to dual-price any Virgin mortgage products, giving intermediaries access to all rates offered to direct customers.

Virgin Money have said that its aim is to build a bank that is better for everyone, one that is a major new force in the mortgage and savings markets. Richard Branson told the BBC: "People are suspicious of banks and they have good reason to be after the last few years. The Virgin brand is well trusted and has always offered good products in a range of different businesses.”

The newly expanded bank completed the acquisition of Northern Rock on 1 January 2012, and the process of integrating the two businesses has started. Jayne-Anne Gadhia, chief executive officer of Virgin Money, said she was convinced that the combined strengths of both companies would benefit the intermediary market. She said: “The relationships we have with our intermediary partners remain at the heart of our business, and we felt it was right to demonstrate this by publishing our commitment to working with intermediaries.

According to Branson, Virgin Money is planning a shake up of the banking industry. In time many brokers are hoping to see the launch of new and innovative Virgin mortgage products that will offer a serious challenge to UK mortgage lenders.