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The purpose of this search facility is to provide guidance on Virgin Money's Lending Criteria. You can either browse alphabetically or enter a keyword you would like to search in the panel on the left hand side.
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This section relates to customers who are looking to purchase, or who already own a property impacted by potentially unsafe cladding or balconies. These are known as External Wall Systems (EWS).
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 it’s 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.
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 Mortgage Customers
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.
This section relates to letting properties mortgaged with Virgin Money on a residential basis. For our policy and requirements on letting properties mortgaged elsewhere please see “Let to Buy”.
Qualifying residential mortgage customers are able to seek permission from Virgin Money to let their property on a temporary basis.
Can be classed as employed for income and affordability purposes providing they can meet the following criteria:
Income for professional contractors must be evidenced by the current and previous contract (or previous P60s where they have been contracting less than 12 months) and three months’ bank statements evidencing the credits from the contract. Bank statements must evidence receipt of the full contract value. If a lower amount is received, please provide a detailed explanation for any deductions. Where a contractor is paid via an umbrella / payroll services company, please also provide the last 2 months’ payslips.
For contractors who earn less than £50,000 or are employed on a fixed term / agency basis, evidence of a two year track record of this income type must be provided.
Umbrella / payroll services companies & IR35:
If the above criteria cannot be satisfied then contractors will be treated as self-employed. Therefore two years accounts or two years HM Revenue & Customs (HMRC) SA302 and corresponding Tax Year Overviews* will have to be provided to evidence income. In this instance you should input your clients as self-employed
*HRMC SA302’s and corresponding Tax Year Overviews are acceptable if printed by HMRC or from your customers online HMRC Account. The Tax Calculation document printed from the customer's online account must indicate the tax return is 100% complete for each year evidenced.
If your customer is looking for additional borrowing for debt consolidation the maximum LTV for residential and BTL is 80%.
Where a second property is purchased for a dependant relative the maximum LTV we will lend is 75%.
Two expenditure forms will be required for each property and must show all essential outgoings to cover each household.
A dependant for Virgin Money Mortgage purposes is a person who is not named on the mortgage but is supported financially by a party to that mortgage.
For example a dependant could be a child who is under 18 years of age, a child over 18 years of age but whose parents are funding them at University, a spouse or partner with no income who is not named on the mortgage, or an ageing relative in permanent care or living with the customer.
We will accept 100% of discounted purchase price, or the maximum LTV permitted on valuation. No additional deposit is required from applicant.
We will only accept this if the concessionary purchase or equity gift is from an immediate family member for example, Mother / Father / Siblings / Grandparents.
Virgin Money will not accept any application where the vendor will continue to live in the property being sold.
We accept execution only applications in addition to advised mortgage business. Execution only is restricted to specific customers and the following qualifying criteria must be met:
The following non-exhaustive list shows the items of expenditure that must be gathered at the time of application and taken into account when assessing affordability:
Where appropriate the household expenditure must relate to the new property. There may be other regular expenditure relevant to a particular customer to be considered within the lending decision (e.g. utility bills of second home).
Any essential deductions from payslips for example, pension, student loan, or childcare vouchers must be included in the affordability assessment.
To avoid delays in processing your application please ensure the Monthly Essential and Regular Expenditure form is fully completed and sent to Virgin Money as follows:
Email: docs@virginmoney.com
Fax: 0345 603 5885
As a responsible lender and in order to fully assess that the mortgage is affordable in all circumstances, the declared level of expenditure will be assessed by Virgin Money and must be reasonable based on the context of the profile of the customer, it is therefore important that an accurate level of expenditure is declared.
This website is for use by Virgin Money Intermediaries ONLY. Do not access this area or rely on any information/representations contained therein if you are a personal customer of Virgin Money or you are a private individual wishing to enquire regarding products & services offered by Virgin Money.
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