Virgin Money mortgage process, is valuation a good sign?

malkorkslx

Really stressed..
Getting our first Mortgage with VM (Virgin Money) via broker.
29.01 - broker applied for mortgage
30.01 - initial credit check passed, continued to full application
02.01 - broker tells me that the mortgage is with underwriters
03.01 - broker says he has 'green light' from the lender to ask for payment details for application fee and valuation.
04.01 - I see application fee and valuation paid to VM
05.01 - e-mailed broker for update...

Does it mean that underwriters are happy with our application if we are being charged for valuation?
All this waiting is so stressful! I'm stalling any solicitor fees before we receive the full offer just in case..

Did someone have/had mortgage with VM?

Thanks,

ACG

Tell the solicitor to not do anything until you have the offer(thats not uncommon).

It sounds like your application referred. To be honest vm usually instruct the val at application stage. I dont use vm much but I dont think its particularly good or bad news.

Until its been underwritten there is no news. They will only underwrite once they have everything including the valuation. I would not expect to hear anything this week.

GMS

Virgin instruct the valuation when the application is submitted. Once the valuation is back the underwriters will assess the case.

amnblog

GMS has hit the nail on the head here. The real work starts when the valuation is returned.

malkorkslx

Thanks for your replies, the reason I think I'm still slightly confused is that the broker told me that underwriters are checking the documents and they requested few more, which he sent on as well.

I assumed that they may have been actually going through some of it.

A bit nervous, we have excellent credit history according to expirian.
We also earn ok I think, around £100K net together and the mortgage we applied for is for 95% LTV ~ £280k. We pass the affordability calculator with a massive margin on initial test but I'm nervous about a loan we have of 20k... that they may be picky about it.

Fingers crossed, still waiting on information when the valuation will happen.

GMS

Virgin process:

• DIP

• Full app submitted

• Valuation instructed

• Day 1 assessment done by case manager who will check docs and ask for outstanding items
• Valuation received and assessed
• Case passed to underwriters for assessment
• Offer issued or case passed back for outstanding info

malkorkslx

Thank you!

This should be generally available information

GMS

malkorkslx wrote: »

Thank you!

This should be generally available information

Your broker should be telling you where a case is up to.

I think Virgin are fantastic. Package a case properly and offers fly out.

Can't stand nonsense from brokers about green lights, underwriter pre approvals, mate on the inside etc etc. Tell clients the truth and keep on top of the lenders. Simple!

No idea of your circumstances but once the DIP has been passed assuming all info is correct and no valuation issues then hopefully good to go.

ACG

Im not a massive fan of virgin but agree with GMS, their process is their process. Your broker should be giving you an idea of timescales. If your unsure you should be speaking to them.

amnblog

GMS wrote: »

Tell clients the truth and keep on top of the lenders. Simple!

Well said - agree totally.

malkorkslx

29.01 - broker applied for mortgage
30.01 - initial credit check passed, continued to full application
02.01 - broker tells me that the mortgage is with underwriters
03.01 - broker says he has 'green light' from the lender to ask for payment details for application fee and valuation.
04.01 - I see application fee and valuation paid to VM
05.01 - e-mailed broker for update...
06.01 - Received the phone call from broker saying that underwriter requested my P60 for 2013 and my previous job title - scanned and sent. Also I have been told that valuator will liaise with Estate agent to book that shortly.
Agent is also sending me the DIP we obtained earlier.

Hopefully some more news towards end of next week.

Fingers crossed.