Moving house - Virgin Mortgages

septemberbaby

Hi all,

Anyone else with Virgin Mortgages?

What is the general process for wanting to sell where we are and buy a bigger home, so we will need additional borrowing?

I am concerned that my own credit history will not be in as good a shape as it was so i am concerned about applying etc.

Do they go through the exact same process or does it change and be less invasive etc?

Could do with a tip or two

ACG

It will be treated like a new application.
What is on your credit report that is concerning you?

septemberbaby

Loan that I'm paying back for another year?? So I'm concerned about affordability issues but my husbands is perfect

ACG

You can check the affordability on their calculator. If it fits, it fits - nothing to worry about.
Having debt is not bad, its only when it is unmanageable.

septemberbaby

Thanks for that. I'll check it out on the calculator then

septemberbaby

Tried the affordability calculator but don't find it very helpful
Says we would be fine based on the info I put in

Thrugelmir

Overdraft usage is reported to the Credit reference agencies. So entirely visible. Though this data is only reported once a month. Which may impact what the lender actually sees.

ACG

It is a brand new application. Being an existing customer does not prevent them from doing the normal checks they would do for anyone. They could well request bank statements.

You need to ensure you fit criteria and affordability before applying to them. Having a high usage of yoru available credit does not go down too well with Virgin so they may not be the best lender but the flip side is you have a history with them which may boost your chances.

ThePants999

I moved home recently. I had a fixed Virgin mortgage and needed additional borrowing; the options Virgin offered me were to port my existing mortgage and take out a second one for the additional borrowing, paying no ERC, or take out a completely new mortgage and repay the old one, paying 50% of the ERC. The latter worked out cheaper for me. Obviously I could alternatively have gone to a different lender since I was doing that, but the combination of the 50% ERC discount and Virgin having pretty competitive products at the time meant it worked out best for me to stick with them.

Naturally I had to go through the full process, and what's particularly noteworthy there is that since I was applying direct instead of through a broker, I had to wait a little over a fortnight for an appointment with Virgin's in-house mortgage advisor before I could actually submit the application. FWIW, I had to submit three months' payslips, but no bank statements - YMMV.