Virgin Money Mortgage

KingHenryVIII

Hi,

has anybody had any experience with Virgin Money Mortgages? Do they exclude debt to be paid down when applying for the mortgage, it appears they do from their borrowing calculator online but I'm not sure.

Thanks,
KH

ACG

All lenders will ignore debt that will not be in place on completion.
Some lenders ignore debts that have less than 12 months to run.

I have only used VM once, it seems to be going through fine - although they are nto the quickest.

Other brokers seem to be very much anti VM.

kingstreet

ACG wrote: »

All lenders will ignore debt that will not be in place on completion

Santander? :eek:

ACG

All lenders except santander?

I have never dealt with Santander.
The majority will do though wont they? You have me doubting myself now. All those years of experience you have on your shoulders.

kingstreet

Santander will assume any credit to be repaid will be re-drawn in future, so if it's visible on the credit file in the last three months it will be taken into account.

YBS Group actually tells people to close accounts they aren't using, so that's another step further in trying to prevent people using credit later.

KingHenryVIII

How does it work with Virgin Money then as it's all done over the phone? What documents do they require, I assume electronically??

KH

kingstreet

KingHenryVIII wrote: »

How does it work with Virgin Money then as it's all done over the phone? What documents do they require, I assume electronically

You've done it over the phone, we don't.

You'll have to wait for the experience of someone who has done the same thing recently, the same way.

KingHenryVIII

I haven't called them yet, just thought it was strange that most lenders require you to go into branch etc. to arrange mortgage.

amnblog

kingstreet wrote: »

Santander will assume any credit to be repaid will be re-drawn in future, so if it's visible on the credit file in the last three months it will be taken into account.

YBS Group actually tells people to close accounts they aren't using, so that's another step further in trying to prevent people using credit later.

Correct again KS

amnblog

KingHenryVIII wrote: »

I haven't called them yet, just thought it was strange that most lenders require you to go into branch etc. to arrange mortgage.

Use a Broker, before you cause yourself a problem.

KingHenryVIII

I have never used a broker to arrange mortgages before (this will be mortgage number 5), always done it myself without any problems. Why would going direct to VM cause a problem?