The following month, the provider unveiled its retention platform which allows advisers to provide advice to its maturing mortgage customers, with a procuration fee for returning existing customers.
What is more, Virgin Money set up the ‘Mortgage Lab’ with the specific objective of improving the intermediary experience of placing mortgage business with the lender.
Peter Rogerson, commercial director for mortgages at Virgin Money, said: “Our mortgage business is built around our intermediary partners. We firmly believe that when our intermediary partners thrive, we do too”
He added: We have made a great deal of progress this year, but there are more improvements to come. Case tracking is a particular area where we are focused on making improvements.
“Intermediaries are going to remain at the heart of our mortgage business, so we’re going to stay focused on ensuring we continue to support them with great products and service.”
10. Coventry Building Society
Coventry Building Society has been a solid four-star performer but has now been elevated into the top ranking category for the first time.
Kevin Purvey, the director of intermediaries at Coventry for Intermediaries, said: “This time last year, we refreshed our pledges based on broker feedback. This included a new pledge to be open and honest about our service levels, which we publish daily on our website.
“We’ve also made some changes to the way we operate, with the staff who process applications now having full access to underwriters. This means that we can process applications more quickly and efficiently – good news for both brokers and their clients.”
The mortgage marketplace has burgeoned, which is partly attributable to low base rates. Not too long ago, however, the consensus among industry commentators was there would be a hike in interest rates this year. The Bank of England did the opposite.
In the current period of economic uncertainty, compounded by the Brexit vote, the lender has released new seven and ten-year fixes, which, Mr Purvey said, have proved popular.
He added: “In the coming year, we’ll be looking to invest in the support we provide to brokers, both over the phone and in person. We’re also committed to paying intermediaries for product transfers and more details will follow during 2017. Looking at possibilities for further innovation in buy-to-let is also on the agenda.”
11. more 2 life
more 2 life has swelled its staff ranks by more than 50 per cent to run an optimal service amid an uptick in application numbers, the firm’s operations director revealed.
Aaron Conlon said growth is employee number took place in the space of between 12 and 18 months. The firm has also invested in enhancements to its service proposition to speed up the application process.
