Rival responds to Virgin Money launching broker directory

Rival responds to Virgin Money launching broker directory

Adviser directory VouchedFor has welcomed Virgin Money’s move into providing a rival website helping customers find a mortgage broker.

Yesterday Virgin Money launched a national advertising campaign, promoting the benefits of buying a mortgage through an intermediary.

The lender will encourage consumers shopping for a mortgage to speak to their existing mortgage broker or, if they don’t have one, to visit a new website created by Virgin Money that helps consumers to find a broker.

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More than 8,000 of its intermediary partners have already agreed to register their details on the site.

While Vouchedfor were willing to comment on the launch of yet another adviser directory, Unbiased declined to comment.

Alex Whitson, chief marketing officer for VouchedFor, said he was “very supportive” of any effort to highlight the key role that advisers play in helping consumers find the best mortgage for them.

“For many of us, choosing a mortgage is the biggest financial choice we will make, so it is important it is informed by expert, ideally whole-of-market, advice,” he added.

Bob Hunt, chief executive of Paradigm Mortgage Services, said the launch of Virgin Money’s directory was a bold move, which demonstrated a real commitment to the intermediary channel.

He said: “At Paradigm we have a very strong relationship with Virgin Money and the team there have listened carefully to what our partner firms need.

“It was a direct result of our feedback that they changed their affordability criteria recently and I know they have been using some of our partner firms in their ‘Mortgage Lab’ to design better processes that make it easier for an adviser to conduct business,” he added.