Get a flying start to 2019

Get a flying start to 2019

An estimated 750,000 mortgages are due to mature in H1 2019.¹ So there’s never been a better time to boost your remortgage business. And we’re ready to help you make the most of this opportunity.

To guarantee a hassle-free start to 2019, we’re launching a limited edition special service promise to support your remortgage business.

New service promise

For residential remortgage cases up to 65% LTV, we promise to take your fully-packaged application to Offer in five days, or we’ll give your client £100. This applies to applications submitted in January, terms apply.

For other applications, our 10-day service promise still stands.

This new service promise is just our way of helping you get your business off to a flyer in January.

To find out more, talk to your dedicated Business Development Manager.

The Virgin Money Intermediary Team


  1. Virgin Money analysis based on stock mortgage data from the CACI mortgage market database September 2018.

Together Money Join MCI Club Panel

We are pleased to announce that Together Money has today joined our panel of lenders at MCI Club.

Together money has over four decades of experience within the mortgage industry and to quote their website ‘we’re ordinary people, helping ordinary people.’  Together money offers a range of mortgage, bridging & secured loan products to individuals and business.

Registering with Together Money couldn’t be more simple just head to and click registering, ensure to select “MCI Club Limited” as your payment route.

If you are already registered with Together then simply visit and choose MCI Club as your payment route.

The procuration fees are extremely competitive:
Residential & BTL               0.60% gross   0.55% net to intermediaries
Non regulated Bridging    1.00% gross   0.95% net to intermediaries

We have updated all mortgage sourcing systems, so you should start to notice Together begin to appear on your sourcing results.

For more information about MCI’s panel of lenders head to alternatively email or ring 01283 400669
Keep an eye out for more news bulletins in the New Year when we will be announcing even more lenders joining our Panel.

Portfolio landlords? Come on in.

 Virgin Money accepts mortgage applications from portfolio landlords. Their doors are open! Just follow these three simple steps:

Three simple steps

  1. Complete your mortgage application as you normally would.
  2. Once you have an accepted Decision in Principle, use the BTL hub to upload details of your client’s property portfolio in seconds. They’ve partnered with eTech, making this quick and easy.
  3. Send them details of your client’s cash flow and business plan, along with other supporting documents.

For full details of the portfolio lending policy, view the sales aid or talk to your dedicated Business Development Manager.

Buy-to-let lending. Less stress, more yes

We’ve improved the way we stress-test your clients for buy-to-let mortgages. Which means we say yes to more customers. Good news for you, and them.

First, the interest rate stress on 5 year fixed products is now 5.00%

We’ve lowered our interest rate stress for 5 year fixed rate products to 5.00%.

For all other products, the interest rate stress is 5.50%.

Second, the straight balance swap interest rate stress has reduced from 5.99% to 5.50%

Buy-to-let remortgages with no additional borrowing are now offered at a lower interest rate stress of 5.50% across all products, at 125% of rental income.

For full details of our current buy-to-let policy, visit our website or talk to your dedicated Business Development Manager.

Royal Bank of Scotland & NatWest Minimum Switcher Balance Reduction

The Royal Bank of Scotland & NatWest has signed up to the voluntary UK Finance Agreement to help as many customers as possible to be in a better financial position by adhering to a standard minimum balance policy.

From the 9th November 2018, the minimum balance an existing Royal Bank Or NatWest customer must have in order to select a new deal with ourselves will be reduced from £25,000 to £10,000, meaning that all residential customers with an “able-to-switch” balance larger than £10,000 will be eligible to switch to a new mortgage product. As a result, all existing customers and all future roll-off customers who meet these criteria will be eligible to choose a new deal.

Included within this change, if any existing customers wish to port their existing Royal Bank or NatWest mortgage and purchase a new property and at the same time take additional funds on top of the balance they are porting, we will now allow any top up of over £10k (on top of the existing balance/product being ported) to be taken on a new purchase rate. Please note this is only when customers are porting and taking a top up at the same time.

MCI Club features in experts 2017 roundup

Phil Whitehouse, MCI Club managing director, has featured in Online Mortgage Advisor's roundup of whats to come in 2017.

The article pulls together over 20 of the top industry leaders, lenders, experts, economists and gurus from across the industry, to provide a comprehensive review of what's to come, covering hot topics such as Brexit, Lender Funding, Mortgage Criteria, House prices, and the Future of Buy-To-Let.

Phil provides extended insight into broker trends and comment from the mortgage club's perspective.

To read the article in full please visit it here.

Hodge Lifetime - The Interest only time bomb, how Hodge 55+ Mortgage can help

A couple come into your office, both in their late 50’s and still working full time they want some advice on their options in retirement, their most pressing concern? their existing interest only Mortgage and the fact they have not got the capital to repay it in just 5 years time.

Previously the most likely and possibly the only solution would have been to sell up, but this categorically isn’t what your clients want, this is their family home, close to their jobs, close to their hearts. Downsizing may be an option but not for many years. They have not been irresponsible, their hope had been that rising house prices over the long term would mean they built up sufficient equity to be able to more than repay the mortgage, this hasn’t happened. What next? Hodge Lifetime Explains


Changes to Santander's Residential Net Fee

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Yes it's true... Changes to Santander's Residential Net Fee NOW 0.32% Net Proc fee for MCI CLUB members!

NEW! £380 minimum Net Proc fee paid for new business loans over £25,000 and above.
NO maximum proc fee
FULL proc fee paid on total mortgage amount for existing Santander home movers

Coming soon - NEW retention proc fee on Residential & Buy to Let

Barclays - Best ever Buy to Let Products

MCI CLUB are pleased to advise you that Barclay's are launching their best-ever Buy to Let (BTL) products, with a market leading fee-free range.

From Friday 3rd February, our members will have access to their widest range of BTL rates, including:

·         2.09% 2 Year Fixed, 75% LTV with a 1% fee
·         2.09% 2 Year Tracker, 75% LTV with a £1,500 fee
·         2.99% 5 Year Fixed, 75% LTV with a 1% fee

They are also introducing a new 2.99% 10 Year Fixed at 65% LTV with a £2,000 fee. What's more, these rates have been designed to be competitive nationwide.

MCI CLUB New Barclays BTL proc fee rate from 3rd Feb is
NET 0.38%

Kensignton - New to panel

Kensington is a lender that takes a sensible approach to complex Residential and Buy to Let cases.

How Do I Start:
To register to do business with Kensington go to and follow the online instructions.
Ring Kensington Business Development Unit on 0800 111 020 if help required.

If you already registered with Kensington then go to the Home Screen ‘User Profile’ and select MCI Club & move to your preferred list, type your password and save.
Once it states ‘your details have been updated’ MCI will always appear on your preferred list.

To submit a case, on the ‘Submission Route’ screen of the DIP select ‘Yes’ when asked if the case is being submitted via MCI Club.

Payment Process:
MCI will pay your procuration fee to you the day after we receive it from Kensington
Net Fee:
0.40% (No minimum or maximum)