Virgin Money Mortgage Process

Drone31

Cleo2 wrote: »

I'm also waiting for an offer from Virgin Money.
The valuation fee left our account on 22nd August, I chased up the broker (26/09/14)to be told they were awaiting a certificate from our accountant that they sent 12th September.
The accountant hadn't received it! One was emailed to him Tuesday, had confirmation from him that he returned it to VM yesterday, so now the waiting starts again.
I just need to get this finalised, finding it very stressful having to wait.
My brokers words were ' it could take a while for them to scan onto the system and approve'
Oh joy

It's nothing to do with scanning to the system and approving, once your application is fully packaged (all documentation received including valuation) it will be passed to be underwritten. The certificate from your accountant will not be assessed until this stage, unless there are any policy issues with the information provided which can be picked up by front line staff. If it puts your mind at ease at all, so long as your business has a positive net worth, and no decrease in net profit (or if there has been the accountant has explained why and provided an estimate for the next financial year) self employed applications tend to be fairly straightforward.

M0ney

Drone31 wrote: »

They are all standard requirements for VM. The reference is required to ensure you are not in any form of probationary period. If you are, the P60's will be used to justify a suitable track record of employment so Virgin Money can offer you a mortgage without being concerned that you will either lose your job or walk out after a few months. The P60's show you have a reliable work history, if you are currently in probation with no guarantee of permanent employment.

To make the process with VM as smooth as possible, supply the EXACT documents requested, do not allow your broker to "just provide this or that instead", particularly when it comes to identification such as utility bills. There are very specific documents which are required for particular aspects of the application. Do not send in anything surplus to requirements.

Thanks very much for the advice I posted the application (with the fee) this morning and have emailed them them a copy of my ID, as well as my 2 P60s and 2 payslips I guess now they will come back to arrange a time for a valuation. Anyone got experience of how strict or otherwise they are with their valuations?

Thrugelmir

M0ney wrote: »

Anyone got experience of how strict or otherwise they are with their valuations?

Valuation surveys will be conducted on their behalf by an external contractor.

M0ney

OK, I've now sent away all the application with the £99 application fee and £132 valuation fee, valuation is booked for 2 weeks time.

Something I might like to do is if the valuation is high enough is go for the rate which is available for 70% LTV or under, based on my current outstanding balance and the valuation I gave Virgin I'm sitting at around 72.5% willI be able to do this if I pay down a little extra or am I now stuck with the deal which I have applied for...?

The rates are 5.24% and 4.39% so it would be worth doing if it's possible.

Cleo2

Drone31 wrote: »

It's nothing to do with scanning to the system and approving, once your application is fully packaged (all documentation received including valuation) it will be passed to be underwritten. The certificate from your accountant will not be assessed until this stage, unless there are any policy issues with the information provided which can be picked up by front line staff. If it puts your mind at ease at all, so long as your business has a positive net worth, and no decrease in net profit (or if there has been the accountant has explained why and provided an estimate for the next financial year) self employed applications tend to be fairly straightforward.

Thanks for this, very reassuring.
We had problems with the accountants certificate as he didn't hold a recognised qualification acceptable for VM
Changed accountants, accounts for 2 years redone and the certificate sent again.
We are now awaiting an offer.
We did receive a letter in the post from VM today confirming the direct debit instructions that they hold for us. Confirming that the first payment would be on the 7th of the month following completion. Exact payment details would be confirmed at completion.

Is this a good sign?

M0ney

***UPDATE***

M0ney wrote: »

OK, I've now sent away all the application with the £99 application fee and £132 valuation fee, valuation is booked for 2 weeks time.

Something I might like to do is if the valuation is high enough is go for the rate which is available for 70% LTV or under, based on my current outstanding balance and the valuation I gave Virgin I'm sitting at around 72.5% willI be able to do this if I pay down a little extra or am I now stuck with the deal which I have applied for...?

The rates are 5.24% and 4.39% so it would be worth doing if it's possible.

I have now had the valuation back and it was valued £1,000 higher than I had estimated, so I have asked to borrow slightly less which will bring me under to 70% LTV giving me a lower rate.

One thing they said they might do is respond to my employer and ask them to comment on whether I am on a probationary period, I know that I am but anyone know what will this will mean if they do decide to contact them and they say yes? I saw the employer reference which was sent to them and it simply made no mention of this.

M0ney

Cleo2 wrote: »

Thanks for this, very reassuring.
We had problems with the accountants certificate as he didn't hold a recognised qualification acceptable for VM
Changed accountants, accounts for 2 years redone and the certificate sent again.
We are now awaiting an offer.
We did receive a letter in the post from VM today confirming the direct debit instructions that they hold for us. Confirming that the first payment would be on the 7th of the month following completion. Exact payment details would be confirmed at completion.

Is this a good sign?

It sounds positive to me but I'm not very knowledgable about mortgages.

Has there been any further progress since you posted this?

M0ney

My mortgage has now been formally authorised to they started to question my previous addresses and electoral role history so I was a bit concerned but it should be completed around 2 weeks from now then I wait for the £500 cashback, anyone know how long it takes to receive this?

sgx.saint

Hey.

Quick question, do VM ask for bank statements because I have provided these to the broker, but so far VM haven't asked for them.

Payslips, ID, bills yes .... bank statements no....

sgx.saint

sgx.saint wrote: »

Hey.

Quick question, do VM ask for bank statements because I have provided these to the broker, but so far VM haven't asked for them.

Payslips, ID, bills yes .... bank statements no....

Anyone?