Lending policy

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A-Z lending policy

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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Expenditure

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:

  • Household and Communications (Council Tax, Utilities (Electricity, Gas, Water etc), Telephone and Internet, TV and Satellite)
  • Annual ground rent and service charges
  • Housekeeping (Food, Drink, Tobacco, Clothing and Footwear, Pets, Medical/Glasses/Dental)
  • Childcare/Education (School/College/University Fees, Childcare/Babysitting)
  • Car & Travel (Vehicle Tax/Insurance, Vehicle Maintenance, Fuel, Public Transport, Travel Season Ticket - if deduction appears on the customer payslips)
  • Insurance & Investments (Buildings and Contents, Life Assurance/Endowment Policies, Private Pension, Company Pension / AVC's (if deductions appear on the customers payslips), Household Insurances)
  • Maintenance/CSA Payments

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.

Regular and Essential Monthly Expenditure

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:

  • Household and communications (Council Tax, utilities (electricity, gas, water etc), telephone and internet, TV and satellite)
  • Annual ground rent and service charges
  • Housekeeping (food, drink, tobacco, clothing and footwear, pets, medical/glasses/dental)
  • Childcare/education (school/college/university fees, childcare/babysitting)
  • Car and travel (vehicle tax/insurance, vehicle maintenance, fuel, public transport, travel season ticket (if deduction appears on the customer payslips))
  • Insurance and investments (buildings and contents, life assurance/endowment policies, private pension, company pension/AVCs (if deductions appear on the customer’s payslips), household insurances)
  • Maintenance/CSA payments

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.