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Virgin offers new view on current account loan

Virgin One has revamped its current account mortgage so clients can separate their finances into different categories rather than keeping them as one lump sum.

It says customer research revealed that although borrowers were happy managing all their incomings and outgoings through one account, they wanted to be able to look at individual balances such as savings and borrowings, which was not possible under Virgin One&#39s previous set-up.

Virgin says it believes all-in-one banking is the best way to manage money but research has shown people want one account with the visibility of separate accounts. The change aims to meet this demand.

It claims the new look will also help intermediaries carry out financial planning for clients as well as setting up their mortgage as they can look at the effect of lifestyle changes such as paying off the mortgage early, funding school fees or taking a break from work.

The new look for the account, launched in 1998, is initially only available online but it is planned to make the service available over the phone and in paper statements over the next few months.

Research and development director Anthony Mullan says: “The new account allows our customers to plan what they want to do over their lifetime and shows them how to achieve it.”

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