Virgin mortgage application

gimgems

Hi is anyone going through or has been through a mortgage application with Virgin Money? What are their timescales like? We have a valuation instructed on the property we are buying for Tuesday. Does this mean we have got over the worst?
Thanks (nervous and impatient FTB!)

Dave_Ham

Afraid not, Virgin are one of a few lenders that instruct the valuation pretty quickly after application.


Whilst they would have had a look at the case, it has not been fully underwritten


Expect you used the Estate Agent mortgage advisor?

gimgems

Yes we have. The reason being is because the property we are buying was bought by the vendors in Dec 2013. They have done it up a bit (new kitchen bathroom etc) but because its been owned by them for less than 6 months we are restricted to lenders because of the 6 month rule. We wanted to go with Post Office but they wouldn't accept the property.
We tried with Nationwide but they would only offer us 85% and we need 90%.

Dave_Ham

Nationwide use the 6 month rule, so dodged one there.


Virgin are one of a few, but they are one of the lenders that nailed MMR early on and therefore their processing is not as far out at the moment as some lenders.


All the best

drgbf

Hi There.


We are also waiting on the outcome of our application with virgin money, its been just under 5 weeks so far in total.


It seems to be a bit of a paperwork struggle (we reworded one letter 4 times because it wasn't quite acceptable to the underwriter!)


Having said that, every time I call the staff are very friendly and try to help.


Hopefully we will get this sorted soon, as our date of entry is meant to be 16th May and we will be homeless otherwise from that date!

gimgems

Thanks Dave Ham.

drgbf
We have given wage slips, utility bill and ID to mortgage broker so far and also a letter from OH parents for proof of gifted deposit. Virgin have asked for our P60's which I will be giving to MB tomorrow due to delay in my OH getting his.
What other paperwork do you think they will ask for drgbf?

drgbf

Hi, we've been asked for contracts and employment references, along with a rent reference.


Takes forever to get each bit of paper, and they seem to just be asking for one bit at a time!


Like I say though, excellent customer service and always someone on the end of the phone willing to update you.


Did you apply directly or via a broker?

gimgems

We applied via a broker fee free

Dave_Ham

This is a good example of potential time wasted going directly.

Had a fair broker been on the case, the letter should have been accurate first or at least second time.

There would be no waiting for underwriter review to be told it was incorrect.

Still, each to their own.

amnblog

We find Virgin to be a tricky lender to transact with - certainly would expect an applicant going direct to struggle.

gimgems

valuation day today!!