Virgin Money Mortgage Process

FTBuyer2013

Has anyone any experience of Virgin Money for a mortgage?

I started of with a referral which quickly got approved, they then asked for last 2months payslips, P60, passport, utility bill and details of current landlord/solicitor, with that i got my AIP.

Valuation due to happen this morning, which ive paid for and this morning i forwarded letter signed by sister re:deposit gift.

The house is a repossession and staying on open market until contracts exchanged, does anyone know whats next in the process and time frame to contract exchange?

Crashandburn

The valuation report will be sent to the lender either today or tomorrow and then hopefully signed off within 24 hours of receipt.

As long as all the documentation is in, it is then passed across to another team for final checks to be done. This process normally takes 24-48 hours and if all is okay, then the formal mortgage offer will be issued and can indeed be faxed to your solicitor.

Ignoring Easter, then you would be hoping for a mortgage offer on Friday at the earliest, more likely Monday/Tuesday but build in another day or so due to the holiday period.

As for exchanging contracts, on the basis your mortgage is in its final stages, I would concentrate your efforts on liaising with the solicitor to make sure they are also on target.

FTBuyer2013

What kinda things can go wrong at this stage, other than the obvious being gazumped

Crashandburn

Something may come back on a valuation report due to the fact it's a repossession. However, without seeing a property, I can't really comment too much on this. Some people associate repossessions as in properties that have been ransacked before being handed over.

As far as the lender is concerned, then it is just really a second set of eyes going over your income details and they would only slow down this process if something didn't quite stack up. In saying that, if the figures don't quite fit, then the lender would just seek clarification rather than stopping anything in the process.

I would still say you are on target for a mortgage offer early part of next week

FTBuyer2013

Thanks, this all very daunting and they dont seem to have asked for an awful lot from me considering im a FTB. I would of expected bank statements, evidence of loan, credit card balances but they seem to be going by word (which is accurate)

Crashandburn

FTBuyer2013 wrote: »

Thanks, this all very daunting and they dont seem to have asked for an awful lot from me considering im a FTB. I would of expected bank statements, evidence of loan, credit card balances but they seem to be going by word (which is accurate)

They can see a lot more than you think using their electronic searches. Big Brother is watching you:)

Lenders build their systems on trying to get as little paperwork as possible using electronic means to verify existing credit details etc. It's just usually the verification of income as well as the source of the deposit which is the ones they will require and as long as these already been sent, then it should be an easy process for you. Good luck

RTNI

FTBuyer2013: When did you lodge the initial application and when was your AIP given?

We applied at our broker on Tuesday evening, AIP there and then with the decision certificate. Waiting for survey to be done but don't know who is doing it or when. Just wondering what the time scale is between decision certificate / you paying for valuation fee and the survey being carried out?

Crashandburn

Valuation would take about 3 days to be instructed and then booked in, so about a week from submission to the valuer arriving at the property.

Then another week to process the valuation and documents before issuing an offer all being well. Add a few more days into this being Easter and you won't be far off.

FTBuyer2013

Hi RTNI, my application started last Tues, completed by Mortgage Advisor of Estate Agent and sent off, Wednesday morning i got a referral, Wednesday afternoon it was overturned and AIP given. They started asking for documents straight away, which i was able to scan over, Thursday i paid for Valuation, Yesterday they asked for proof of deposit, Today valuation so now i'm waiting.... moved pretty quick so far but i'm sure it will slow dramatically soon, Easter break not helping either.

josiebabie

Thanks for this thread OP, our broker has us with Virgin Money as well so it's been really helpful as you're one step ahead of us. We submitted our docs yesterday and are waiting for a valuation to be instructed.

Please keep updating so I can see what's potentially coming next!!!

FTBuyer2013

hey Josie, i had a few hickups along way with valuation coming back unsatisfactory, had to get damp/timber report which added on time, finally all sorted (with a retention set) mortgage offer was received today.