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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.
Showing results for F-H
Available to first time buyers and next time buyers providing a bankruptcy search and declaration of solvency on the seller is completed, or defective indemnity insurance is arranged by the acting solicitor against the full market value of the property.
Where the property is being sold at a discounted price Virgin Money will lend up to the lower of:
Additional lending up to maximum LTV limits is allowed providing the extra funds are solely for home improvements. If lending exceeds the discounted price a retention may be held.
We will not accept an application where the vendor continues to live in the property being sold.
If a fee is required and we don’t have payment details or are unable to collect them the application will be cancelled after 14 days. We will contact you to let you know if there are any issues collecting these.
Valuation/Purchase Price | Basic Valuation Report fee |
---|---|
Up to £60,000 | £112 |
£60,001 - £100,000 | £132 |
£100,001 - £150,000 | £163 |
£150,001 - £200,000 | £188 |
£200,001 - £250,000 | £214 |
£250,001 - £500,000 | £275 |
£500,001 - £750,000 | £331 |
£750,001 - £1,000,000 | £377 |
£1,000,001 - £1,500,000 | £510 |
£1,500,001 - £2,000,000 | £663 |
£2,000,001 - £2,500,000 | £817 |
£2,500, 001 - £3,000,000 | £970 |
Over £3,000,000 | By Negotiation |
The Basic Valuation Report fee includes the VAT charged to Virgin Money by the valuer.
Please note that the Valuation Fee(s) above are based on the actual property valuation.
If the instructed valuer values the property at a figure which differs from the purchase price/estimated value stated on your mortgage application form, the fee payable may change in accordance with the table above.
In the event the property is valued at a figure higher than that stated on the mortgage application form, the difference between the Valuation Fee payable and the actual amount paid prior to the valuation will be payable prior to the issue of an Offer.
In the event the property is valued at a figure lower than the figure stated on the mortgage application form, the difference will be refunded to you.
Please note, a mortgage exit fee of £50 will be payable on redemption of your client's mortgage to cover the administrative cost incurred by Virgin Money. This fee will be applied if the mortgages is redeemed or ported before the full mortgage term ends.
Your client's solicitor, licensed or qualified conveyancer may make an additional charge for their work in relation to redemption of the mortgage and discharge of the security.
For product transfer applications we may not carry out a physical valuation on all cases, but if we do we will always let you know in advance.
All financial commitments as well as regular and essential household expenditure will be taken into account when assessing the customer's affordability. In order to obtain an accurate lending decision for the customer please provide details of the following:
We define First Time Buyers (or FTBs) as customers who have never previously held a mortgage. For a joint FTB application, neither customer will have been party to a mortgage.
Where the building is above 10 storeys the maximum LTV is 80%.
The maximum LTV on a flat or maisonette is 85% (90% LTV available for Shared Ownership)
Where the building is above 5 storeys it must be lift served.
Ex Local Authority, Housing Association or Ministry of Defence (MOD) properties are acceptable in buildings up to 7 storeys.
Properties must be leasehold. In Scotland Absolute Ownership (Heritable) is also acceptable.
Properties with an equal share in the freehold of a block are acceptable.
Properties with external deck or ‘balcony access’ are only acceptable if built for the private sector. Where built for local authorities, housing associations or MoD they will not be accepted.
Freehold flats are only acceptable where there are reciprocating lease/freehold arrangements (such as Tyneside Flats)
Where a property has previously been affected by flooding or is situated on a flood plain, the property is acceptable to Virgin Money, subject to a satisfactory valuation report and positive valuer comment.
The applicant must be able to obtain full buildings insurance including all perils, subject to a maximum flooding excess of £1,000.
If full buildings insurance including all perils is not available as described the property is not acceptable and will be declined.
Residential Applications
We do not offer foreign currency loans.
For all residential loan applications the income being used to assess affordability must be paid in GBP / £Sterling and we will require evidence of this income.
Where your client is paid in both Sterling and a foreign currency, we will only consider their Sterling income for the purposes of affordability.
Buy-to-Let Applications (including Consumer Buy-to-Let)
If a customer is receiving rental income from their buy-to-let property in a currency other than GBP £Sterling, this will not be acceptable income for assessing affordability.
Repayment Strategies for Interest Only loans
For both residential and buy-to-let loans, we will not accept repayment strategies denominated in a foreign currency to support an interest only loan.
Virgin Money does not differentiate between British and Irish Nationals in our lending policy.
Non-UK/Irish Nationals:
The customer(s) must have unrestricted rights to live and work in the UK. Evidence confirming their rights of indefinite leave to remain in the UK or settled or pre-settled status under the Government’s EU Settlement Scheme must be provided. In all cases Virgin Money requires a minimum three years’ UK address history.
Requirements:
Where an applicant is receiving income through the Furlough Scheme, we are not able to use their income in the affordability assessment for new customers or additional borrowing.
For existing customers making changes to their existing Virgin Money mortgage without increasing their borrowing, we can consider using income from the Furlough Scheme, subject to individual assessment.
Please use the ‘additional information’ section of the application form to tell us if any of the income details provided relate to the Furlough Scheme.
Where the deposit is being gifted, the person or persons, gifting the deposit need to complete our Gifted Deposit Form (below). This confirms that the deposit monies are a gift and the person does not expect to be repaid these monies either whilst the borrower(s) owns the property or upon its sale.
The below form should be filled out and returned to Virgin Money;
We don’t offer guarantor mortgages.
Help to Buy Equity Loans are designed to help home buyers with smaller deposits buy a new build home in England, London, Scotland or Wales.
An equity loan allows a customer to buy a new-build home with just 5% deposit. The Government lend up to 40% of the property value, with a mortgage making up the remaining funds. The scheme allows customers to:
Help to Buy Equity Loan Scheme | Minimum Deposit | Equity Loan (up to) | Mortgage (up to) | Maximum Property Value | VM Product Available | ||
---|---|---|---|---|---|---|---|
55% LTV | 75% LTV | 80% LTV | |||||
England* | 5% | 20% | 75% | £437,600 | ![]() | ![]() | ![]() |
London | 5% | 40% | 75% | £600,000 | ![]() | ![]() | ![]() |
Scotland | 5% | 15% | 80% | £200,000 | ![]() | ![]() | ![]() |
Wales | 5% | 20% | 75% | £300,000 | ![]() | ![]() | ![]() |
The Equity Loan is interest free for the first five years. From year six the customer is required to pay an annual fee to the government which is 1.75% of the outstanding equity loan amount. The interest rate will then increase on an annual basis in line with the Consumer Price Index (CPI) plus 2%.
In order to qualify for an equity loan the customer must meet the following criteria:
Additional borrowing for existing Virgin Money Help to Buy Equity Loan customers is available, subject to our standard additional borrowing policy criteria. Additional borrowing is only available to ‘Staircase’ out of the Equity loan (either fully or partially).
When submitting a Help to Buy Equity Loan product transfer application with additional borrowing, we’ll ask to see a copy of the settlement figure and a copy of the customer's RICS valuation.
To ensure that the Equity Loan is affordable to the customer VM assume an annual fee of 3% of the Equity Loan spread over a year as a monthly financial commitment.
*Regional caps apply
Example:
Equity Loan: £40,000
Annual Fee assumed (3%): £1,200
Monthly Payment: £100
The following conditions must be satisfied where the property being purchased is intended to be a holiday home:
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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