News

Important information – changes to mortgage applications

26 March 2020

Following the updated Government guidance on Monday 23 March to “stay at home”, we have seen valuation panel managers across the industry stop all physical valuations. While Virgin Money continues to use AVMs and desktops wherever possible for remortgage business, we have had to take a difficult decision and temporarily suspend new purchase applications.

This is a decision that we have made reluctantly, but feel that it is sensible in light of the restrictions the industry faces, and allows us to continue to help those existing customers who are in need of immediate support at this time.

What does this mean for your clients?

We appreciate that this will be a stressful time for many of your clients in the process of buying or selling a property. Where we can we will use automated or desktop valuations for remortgage cases. Our criteria is detailed below:

Residential applications

 

  • Remortgage only
  • Loan-to-value up to 60%
  • Loan size up to £300,000
  • Minimum property value of £80,000
  • Maximum property value of £500,000

 

Buy-to-Let applications

 

  • Remortgage only
  • Loan-to-value up to 55%
  • Loan size up to £275,000
  • Minimum property value of £80,000
  • Maximum property value of £500,000
  • We’re unable to accept personal income cases

 

 
 

 

 

 

 

 

 

 

 

 

 

 

 

Existing Applications

You may have existing applications with us that are now unable to progress while physical valuations are on hold. Your BDM will be in touch with you on a case by case basis to discuss your clients’ situation. If your client decides they want to continue with the application, we’ll keep the case in our pipeline. Alternatively, your clients can cancel and any valuation or product fees already paid will be refunded.

We will continue to monitor the situation closely and we hope to be back in the purchase market at the earliest opportunity. Supporting the housing market is in our DNA and we hope to be able to help more of your clients again soon.

Talk to your dedicated Business Development Manager or contact your Regional Service Team.

 

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