Brokers have called on Virgin Money to relaunch its Virgin One account when it completes its £747m deal to acquire Northern Rock in the New Year.
The Virgin One account, which was set up as a joint venture with Royal Bank of Scotland in 1997, is an offset-type mortgage which links to a current account and uses the funds in the account to reduce the interest and the loan term. RBS bought out Virgin’s share of the One account product in 2003.
Chadney Bulgin mortgage partner Jonathan Clark says: “It would be good to see the Virgin One account make a comeback, where your loan was effectively run as a secured overdraft.”
All Types of Mortgages managing director Dale Jannels says: “I would welcome the return of a Virgin One account and some offset deals from the lender.”
A Virgin Money spokesman says: “Those types of flexible products are in demand, so there is potential.”