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Lending policy

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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 from the panel on the left hand side.

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Valuation fees

Our valuation fee scale is as follows:

Valuation/Purchase PriceBasic Valuation Report feeHomeBuyers Report fee
Up to £60,000£112£270
£60,001 - £100,000£132£311
£100,001 - £150,000£163£352
£150,001 - £200,000£188£398
£200,001 - £250,000£214£444
£250,001 - £500,000£275£510
£500,001 - £750,000£331£561
£750,001 - £1,000,000£377£612
£1,000,001 - £1,500,000£510£817
£1,500,001 - £2,000,000£663£1,021
£2,000,001 - £2,500,000£817£1,225
£2,500, 001 - £3,000,000£970£1,531
Over £3,000,000By NegotiationBy Negotiation

For residential and BTL remortgages on properties valued over £3m, where the customer has chosen a product with a valuation incentive Virgin Money will negotiate the cost of the valuation report with our suppliers. We will pay the first £970 of the valuation report fee and any amount above this must be paid by the client.

The Basic Valuation Report fee includes the VAT charged to Virgin Money by the valuer.

The Homebuyers Report fee is made up of two elements:

  1. the Basic Valuation Report fee (as above)
  2. the additional cost of the HomeBuyers Report, on which VAT is charged to the applicant

Please note that the Valuation Fee(s) above are based on the actual property valuation.

The Custom Build Valuation fee is £557.

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 of Loan.

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.

Valuations

Customers can choose from three types of valuation report:

  • Mortgage Valuation - This is a basic valuation which assesses the suitability of the property for mortgage purposes only, instructed by the lender and is purely for their use
  • HomeBuyer Report - This is an internal and external inspection of the property. The report provides an account of the property condition and highlights any problems using a traffic light rating. It will include advice on defects that may affect the value of the property with comments on repairs and ongoing maintenance. The report will also contain an estimated market value of the property
  • Building Survey - This is an in depth analysis of the property condition. Includes advice on defects, repairs and maintenance options and should be considered essential for larger or older properties, or if planning major works. A separate Mortgage Valuation will also need to be instructed

In Scotland the Valuation will usually have been completed before Virgin Money receives the mortgage application. In these circumstances a transcript valuation is acceptable providing the valuer is on the Virgin Money Panel.

For some Remortgages cases we may use an Automated Valuation Model (AVM) where the application fits our criteria.

For product transfer applications we will usually calculate the LTV using an index-linked valuation or AVM. In some instances we may need to carry out a full valuation, but we will always let you know in advance.

We will no longer send you or your clients a copy of the basic valuation report, where no issues are identified.