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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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The customer must notify us of any known reduction in their income. If a customer is anticipating a temporary reduction in their income, the customer's return to work salary will be used for affordability purposes providing the customer is due to return to work within the next three months.
For periods of absence between four and twelve months, the customers return to work salary will be used, providing the customer evidences how they intend to cover the shortfall in income e.g. savings. The shortfall is defined as the lower of the total contractual mortgage payment or the reduction in net income, for the total period of absence.
The below examples show how we would calculate the shortfall:
We will require evidence of how the customer will cover the shortfall, including savings accounts, bank statements and share certificates. Please note these can be in the name of either borrower, if a joint application.
When a customer is on or due to go on maternity leave the dependant field must be updated accordingly and childcare costs included as part of the customer’s regular and essential expenditure, or an explanation provided as to why they do not apply.
For all periods of absence the customer must provide confirmation of the return to word date and salary.
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).
To avoid delays in processing your application please ensure the monthly essential and regular expenditure form is fully completed and sent to us, where requested.
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.
Free basic valuation
Free basic valuations for residential and BTL remortgages. Please note a physical valuation may not be instructed on all cases.
The valuation must be instructed by Virgin Money. If it is instructed by any other party, the cost of the basic valuation will not be covered by Virgin Money.
Free standard legal work available to clients remortgaging
We will appoint a solicitor from our panel who will act on our behalf to undertake the legal work involved. We will cover all standard legal costs but your client will be responsible for paying the costs of any additional or non-standard legal work that may be required e.g. transfer of equity, Land Registry fees, etc. If your client wishes to appoint their own solicitor they will be required to meet all legal costs.
We also consider a remortgage to include borrowing against an unencumbered property.
Virgin Money accepts the following methods of repayment:
Please ensure you use our affordability calculator before submitting a Decision in Principle.
When a purchase falls through (residential or BTL) and the client wants to transfer their application to a new property the applicant's details can be transferred to a new application.
Please use the "pre-populate" function within VMO or MTE to transfer existing application details from the DIP to a new case.
Input details of the new property within the form and select from currently available products. Give our Intermediary Relationship Support team a call on 0345 600 1516* to let us know the new application number and we will transfer any unutilised valuation fees (if the valuation has already been carried out, unfortunately we will require the fees to be paid again).
The existing application will then be cancelled.
If the original case has already been cancelled, we will allow the fees (if applicable) to be transferred up until six weeks after the date of cancellation.
When we receive the application it will be re-assessed and you will be advised of our documentary requirements in the normal way.
*Lines are open 8.30am-6.00pm, Monday to Friday excluding Bank Holidays. Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Calls may be monitored and recorded.
If the term of the mortgage extends beyond the oldest customers anticipated retirement date, or age 67 and the customer is within 10 years of retirement, evidence of HM Revenue & Customs (HMRC) approved pension income must be obtained. Affordability will be assessed over the full term of the mortgage on the lower of the customer's current income or pension income.
The following evidence will be required:
The maximum age that VM will accept employed or self-employed income is 67
If the customer is more than 10 years from their anticipated retirement date or age 67 and the term of the loan extends beyond this age, evidence they are currently paying into a private/employer Pension Plan must be provided.
For customers whose anticipated retirement age extends beyond the age 67 then the term will be restricted, to the age of 67, if pension income cannot be evidenced.
Please note: If the customer is employed in a position where there is a compulsory retirement age this should be declared as the customers anticipated retirement age. E.g. Police Officer, Fire Fighter etc.
Statements must be dated within the last 12 months. Requirements may differ if a customer has stopped, or intends to stop, making contributions to a scheme.
Sale of property is not acceptable in place of a private/employer pension scheme.
We will lend up to 100% of the discounted purchase price, providing this does not exceed 85% LTV based on valuation. No additional lending above the discounted price is permitted.
All borrowers must be named on the Right to Buy papers, which must be submitted with the mortgage application.
Flats in blocks of greater than seven storeys are not acceptable.
Where the property is within an ex Council estate there must be a minimum of 50% private ownership.
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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