Virgin money mortgage

JuniperJane

Hi,

I posted on here last week and received some great advice thank you. We are now in the process of getting a 2nd mortgage through virgin money. They have done a valuation, which came back fine, and we are waiting on a CTL from our existing mortgage provider (BOI) on the property we have just started to rent out.

I just wondered if anyone had any experience of mortgages with Virgin Money? Will they have done all their checks by now and is it simply the CTL that is holding the process up? They have taken £400 in fees, would they get this far if they had doubts about the application?

Our solicitor also mentioned that the sear h revealed a potential chancel liability? She said she would need to let the mortgage company know once they had made an offer. Should we inform them of this now before a potential offer to save time later or is it more likely to have a negative impact on our application ?

Many thanks

JJ

Dave_Ham

Hi there,

Virgin money are pretty selective, although typically they do underwrite quickly and tell your broker what they need.

They will definitely want to see consent to let and I think they have a tough rental calculation if affordability it tight.

Still, decent rate at the end and sure Virgin was sense checked as a lender with your situation.

Good luck

JuniperJane

Thanks for the response. I guess it's just back to waiting aaarrrghh!

olly300

JuniperJane wrote: »

I just wondered if anyone had any experience of mortgages with Virgin Money? Will they have done all their checks by now and is it simply the CTL that is holding the process up? They have taken £400 in fees, would they get this far if they had doubts about the application?

I am still in the process of doing a "simple" re-mortgage with them on a property I live in that started on 14th February.

The hardest part of my re-mortgage was suppose to be the fact that I'm self-employed but that was one of the easiest parts as one of the branch staff had their head screwed on.

The reason it's taken so long is due to Virgin Money screwing up by not pro-actively chasing something missing on them surveyors report until I complained to them in writing after 21 days. (14 days because nothing had apparently happened yet, then 7 days after that because they promised they would do something and didn't do it at all.) They then screwed up the mortgage offer documents which are suppose to be a legally binding contract.

Give Virgin Money a call during their full office hours of 9am-5pm - their 0800 number works fine - and ask them specifically how your case is going.

If nothing is happening then get your broker to speak to them.

What ever you do DO NOT be fobbed of by their call centre staff who are generally unhelpful, and try and mislead you to get you off the phone.