Virgin One is introducing an online mortgage service as part of its drive into the intermediary market.
From this week, IFAs logging on to virginone.com will be able to compare clients' existing mortgage with the Virgin One flexible current account loan.
Virgin says it is hoping to enable IFAs to give clients a straightforward and practical demonstration of the mechanics and suitability of its mortgage.
The website features sales tools, including a savings calculator which allows IFAs to take into account borrowers' lifestyles when determining any cost savings that the loan could provide.
IFAs can check the progress of applications online but will not be able to apply through the website until later in the year.
The second phase of development is due to begin in July and will enable IFAs to view commission statements, order sales brochures and access client documentation online.
For advisers without access to the internet, Virgin is producing a CD-Rom which reproduces the functions of the website, including the product comparison tool.
Head of business partnerships Anthony Richardson says: “This website is one of a raft of dedicated services that Virgin One is putting in place for intermediaries designed to make a real difference. Our overall aim is to replicate Virgin's service at consumer level for intermediaries.”
London & Country mortgage specialist David Hollingworth says: “It could be a useful tool but the question remains whether IFAs will embrace a product which has a higher rate than its competitors.”