FTB with Virgin Money: our experience

Charliebrown309

Hello all

As first time buyers rapidly hurtling towards contract exchange the last few weeks have been close to terrifying in terms of a mortgage application and I have found myself trawling through the forums for solace in other people's experiences, particularly since my own credit report has been littered in the past with adverse marks. We have had our response from Virgin now and I felt compelled to create a thread if nothing else than to hopefully give others that are nervous a little peace of mind.

As I said, I have read dozens of posts in the hope of finding someone who, perhaps like me, had a less than perfect credit report. Most, though, put the fear of the gods into you because how on earth could you think it's possible to get a mortgage offer with not only a poor repayment history (albeit 3 years ago) but also a WONGA (!!) loan thrown in for good measure?

Well with my offer letter In the hands of my solicitor I'm here to reassure you it IS possible, and providing you have shown recovery from a few blips on the radar, you CAN get a mortgage with adverse credit history..... And to top it all off mine is at 95%LTV too....

All in all, nerves aside, the process with VM has been a pain free experience and I hope that helps others with their own searches :D

vinny_vimto

Hi I'm currently going for a mortgage with Virgin money. I would love to know your timeline with Virgin money. How long was each stage etc?

I had my kfi from them applied had DIP. They have sent mortgage declaration and sent back and signed. I have paid valuation fee and just waiting to hear back.

Can I ask how long did it take for Virgin to call and arrange valuation, how long did you have to wait for the valuation, how long after valuation did you get your offer letter?

BTW congrats on the mortgage

ACG

This is why I like this site...
I do a lot of work with people who have adverse, I manage to get around 70% of those placed with the high street, but I would never in a million years expect Virgin Money to accept someone with multiple missed payments at 95%.

So even Mortgage brokers (or atleast Mortgage broker - no S on the end) learn something on here.

Congratulations.

peter333_2

Hey congratulations, I'm kind of doing the same thing at the moment, although I have a pretty much lerf car credit history I'm worried about the state of my bank statements as I haven't had chance to prepare..the house were in has just been sold by my inlaws to which there idea is "give us money for deposit" and happy days you can get a mortgage, we'll actually probably be paying less in mortgage payments that rent I just worry that I ain't had time to show less spending COs we've had holidays etc..where your bank statements perfect??

maddison87

With reference to bank statements, we've just had a 95% mortgage agreed with Leeds where I had unarranged overdraft fees and a payday loan in the 6 months bank statements they asked for. Partners were clean and we've had no defaults or CCJs etc - my last late payment was 2 years ago. I thought they'd laugh at us reading forums
Like this but it's obviously possible! They take in to account the whole picture.

maddison87

Absolutely - I've read every post on here and whilst I've had some good advice it's important to remember every case is different. We've just had our written offer of a 95% with Leeds where my bank statements for 6 months were an absolute mess, unarranged overdraft fees and a payday loan. My partners were squeaky clean though and we earn a good wage between us and our credit reports were in good shape so it just shows the importance of having a good broker who knows your situation.

peter333_2

Ok thankyou, my bank statements don't have I arranged overdraft fees just show that I've used an arranged overdraft sometimes but in the months since we knew house was for sale each month I've made the overdraft smaller,it's now totally gone when we're applying

Charliebrown309

Hey

To give you a rough idea (and this may be slightly different to your own experience because we used a broker) but within a couple of days the valuation was paid for and booked.... and then the offer was back within a week? It was forwarded to me from the broker but i had it in the post within maybe 3 or 4 days?

Charliebrown309

Peter333 - by less than perfect you mean not spending and stuff? Lol no dont be daft; mine showed all kinds of stuff, chinese takeaways, shopping, days out etc. I think the underwriting process weeds out what is necessary spending and what isnt? They must know that when your bills go up (mortgage) your spending goes down.... chill dude. It will all be fine