News - Update

Coronavirus - Covid-19 guidance

Changes to our products and policy

02 November 2020

Here’s a full update of all temporary changes currently in place to our product range and policy:


Variable Income

We are currently unable to accept any form of variable income (overtime, commission, bonus). Affordability will be assessed on the basic salary.


Furlough Scheme

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 which do not increase their borrowing, we can consider using Furlough Scheme income 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.


Self Employed

All self-employed customers (sole traders, partnerships, LLP’s and limited companies) will need to provide their last 3 months’ business bank statements to show continued turnover along with a completed Self-Employed Supplementary Form. These must be submitted with the application to help us understand what impact COVID-19 restrictions have had on the customer’s business.


90% LTV First Time Buyer Products

We have a range of 90% LTV products for first time buyers with the following criteria:

  • Maximum purchase price of 400K.
  • Maximum term of 25 years.
  • Not for purchase of flats, maisonettes or new builds.

Our definitions of new build and first time buyers can be found in our lending policy. Please ensure your client meets all these criteria before submitting an application. These products may be withdrawn at any time without our usual notice.


Existing Applications

As we continue to assess mortgage applications, it’s important that we take into account your customers’ current circumstances as part of our commitment to responsible lending.

We understand that many peoples’ lives have changed in recent months, and we want to remind you that you must tell us about any changes to a customer’s circumstances since you submitted an application. Examples of changes could include unemployment, being forced to stop work, loss of overtime or commission.

If things have changed after you have submitted an application, please tell us and we will assess your customer’s current circumstances against our policy at the time of the original application.


Service Update

Due to exceptionally busy times for the market, we have paused our 10-day Application to Offer Service Commitment and are working hard to process applications as fast as possible.


Contact your BDM

For help and support with any applications, please contact your dedicated Business Development Manager.