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The One Account targeting advisers with flexible loan

The One Account is offering its first mortgage exclusively for intermediaries this month to coincide with it dropping the Virgin brand now that it is wholly owned by Royal Bank of Scotland.

The flexible product for intermediaries differs from the company&#39s standard all-in-one offset product as borrowers will not have to link their salary to their mortgage. The One Account says this is in response to feedback from IFAs.

It says brokers will get a competitive procuration fee, which it will not disclose as it varies depending on individual intermediary relationships. Brokers will also get a type of trail commission – or loyalty bonus – worth 50 per cent of the original procuration fee if the customer stays on the company&#39s books for five years.

Advisers who subsequently transfer clients from the flexible mortgage to the full One Account will get an additional procuration fee.

But companies such as Charcol are cynical about the move, saying it carries the baggage of Virgin being reluctant to deal with intermediaries.

This month, a £15m TV and national press ad campaign featuring characters from classic children&#39s TV show Hector&#39s House starts running to promote the new One Account brand.

The One Account is also planning to enter the buy-to-let and self-certification market this month and is looking at equity release.

PR manager Scott Mow-bray says: “The new programme reflects our commitment to the intermediary channel and has been designed specifically to address the feedback from intermediary partners.”

Mortgageforce managing director Rob Clifford says: “This is good news. It is what we have been waiting for since becoming one of Virgin One&#39s first intermediary partners almost two years ago.”


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