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Buy-to-let policy

New mortgage applications

Multi storey buildings which have multiple occupancy and are either:

Our valuation policy will ensure that a professional valuation is undertaken for these properties. Where the valuer has fire safety concerns with the External Wall System or any other fire safety concerns, they will request a completed External Wall Fire Review Form (EWS1), in line with RICS guidance. Our appointed valuer will check their database to confirm the property’s EWS1 status. Where they are unable to do so, we will request the EWS1 form. The EWS1 form should be sent directly to us.

The EWS1 form is the responsibility of the building owner (property owner in Scotland) to undertake. They must appoint a qualified member of one of the appropriate professional bodies to complete and sign the form. The form will confirm that the EWS has been assessed and provide its safety rating. The rating will determine whether we are able to progress the case.

A rating of A1, A2 or B1 will mean that the valuer will determine whether the case can progress and where acceptable, provide an amended valuation report.

A rating of A3 or B2 will mean that the property will be declined where affected by cladding and remediation is required.

Multi storey buildings in England which have multiple occupancy and are either:

Where a valuer has identified any significant fire safety concerns, or the EWS1 form rating is either A3 or B2, they’ll let us know if remediation of the property has been agreed to be funded by either Government funding or by the Developer, if known. We’ll then get in touch requesting the following:

Please note that we aren’t accepting applications from non-qualifying leaseholders for buildings that are not being remediated under the Building Safety Act.

We must be satisfied with the information provided to allow us to proceed. You can find more guidance on this documentation on the government website.

Existing mortgages

We are here to support our existing customers who have a mortgage on a property that is impacted by potentially unsafe EWS. When their current mortgage deal ends we will offer a new mortgage product, just as we always would.

For changes to an existing Virgin Money mortgage we will assess each case based on individual circumstances. As a responsible lender, any application for additional borrowing from customers impacted by unsafe EWS will be carefully considered before a decision is made.

For any other questions relating to EWS please refer to the FAQs provided by RICS or visit the Government’s website to view their guidance on cladding.

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