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Remortgage application virgin
Locornwall
Posts: 356 Forumite
If my mortgage deal is coming to an end with Virgin, will they need a full application with affordability checks etc or can I just tick a box stating my circumstances haven’t changed?
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Comments
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Online retention deals, you should be able to log in, select one of the available rates and hit confirm.
If I remember correctly Virgin send out a form for you to sign and send back.
But no new underwriting etc as long as the rate is the only thing you’re wanting to change.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
I originally went through a broker and all correspondence was done through the post. I take it all is the same as online?0
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Your product is coming to an end, not the mortgage. If you do nothing you will simply default onto the SVR. Online you will be given a range of new products to choose from. Ultimately if you remain with your lender for the duration of the mortgage term. The debt will be repaid and the mortgage charge released on the property.0
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Just FYI, for an online product transfer (staying with the same lender, moving on to a different product, no advice) with no change in the overall term or amount borrowed, at least for the 2 mainstream lenders I have done this with, there is no section which asks you to confirm that your circumstances haven't changed.Locornwall wrote: »If my mortgage deal is coming to an end with Virgin, will they need a full application with affordability checks etc or can I just tick a box stating my circumstances haven’t changed?0
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When you say online transfer. I take it I can do this myself and it’s open to me even if I’ve never used any online virgin mortgage services? Thanks0
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It usually is, often around 3 months before the end of your current product they will write to you.
But you could I suppose call them in advance to ask.
It’s usually known as a product transfer.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Ok thanks. Just in essence wanted to check if underwriting will be required again.0
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