Virgin Money mortgage customers left raging after | U.Okay.Finance News
A Virgin Money buyer has complained about not with the ability to entry the identical mortgage offers as Nationwide mortgage debtors, – regardless of the building society’s takeover of Virgin final autumn.Nationwide’s £2.9billion takeover of rival Virgin Money was so profitable Nationwide gave all its qualifying members a £50 bonus. However not all customers seem like completely satisfied. One girl advised the Guardian how they’d hoped to get a higher mortgage deal now the businesses had been underneath the identical umbrella however advised the newspaper she felt like a second class citizen.The girl advised the Guardian’s Rupert Jones she checked out what mortagges switch charges had been being provided to Nationwide customers with the identical quantity of equity.She discovered a cheaper Virgin Money two 12 months repair of 3.84%, however the payment was £1,999. If she solely needed to pay a payment of £999 she might get a tracker fee of 4.49% with Virgin.But an Nationwide borrower might benefit from a barely cheaper deal: a two-year tracker at 4.39% (the bottom fee plus 0.14%) and a £999 payment.One broker defined that the one manner the borrower might get a cheaper deal can be to remortgage utterly. This would imply going by way of new affordability checks, a valuation of their property in addition to legal checks.Around 1.5 million debtors can be coming off fixed fee offers this 12 months, many having fixed their mortgage when rates of interest had been a lot decrease.A Nationwide spokesperson advised the Guardian : “Nationwide building society and Virgin Money continue to operate as separate lenders following the acquisition and are being integrated over time.“Customers currently wishing to move provider must therefore do so as a remortgage.”David Hollingworth on the broker firm L&C Mortgages mentioned each Virgin and Nationwide had aggressive offers and had been a lot the identical as the opposite.
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