Does our 90% LTV Virgin DIP still stand?

robyn841

Hi there, 
Me and my partner had an offer accepted on a house and got a mortgage in principle the same day, (Virgin money 90% LTV). Our broker put in the full application the next day on the 1st June. Even though my partner was furloughed, our affordability was still great apparently. On the 10th we were told everything looks fine and dont worry but now he is back full time they just want to see a regular pay slip (Didnt realise until now that on the 8th virgin had pulled that product from the market to new applicants so I guess that's why they wanted extra bits). Fair enough I thought, he recieves his payslip on the 26th. So the plan is to email it tomorrow asap. But then today I heard that virgin and other banks who were offering 90% mortgages are now raising their rates and going up to 85% LTV. Everything has been going so well up until now, now I am worried sick everything will fall through tomorrow. Do we have much hope? Even though they basically agreed subject you that last wage slip? We would have had our offer already if it wasnt for this stupid last payslip!

robyn841

Sorry for the lack of paragraphs, didn't look so bad on my phone until I sent it. 

haras_n0sirrah

As a lender virgin don't accept furlow income which is why they will want a payslip showing him back at work

anteguardian

If you already had the proper mortgage application in with them subject to valuation and underwriting before they pulled the mortgages from any new applicants then I think you’ll be ok...
It sounds like they are continuing all of the underwriting for it considering they’ve requested some extra info from you (which is relatively normal when they are assessing people for a mortgage from the sounds of a lot of posts on this forum).

Funnily enough I was one of the people that got a AIP with Virgin on the 8th June only to have them pull them at 8pm the same day so I think your lucky! Haha 

amnblog

If your a Broker got the full application in, your rate is secure.

robyn841

Thank you, you have no idea how glad I am to hear something positive about it. Just really got to me because the first thing my father in-law said to me tonight just as we got back from measuring up at the new house was "You better pray your morgage goes through!" then proceeded to tell me that people are losing there DIPs. Like I am not stressed enough at the minute! Wished he would have just kept it to himself. I don't mind the whole extra payslip thing, it would just be such a shame for it to fall through just because we couldnt get it until the day after virgin money mortgages went tits up

amnblog

I can imagine your FIL https://www.youtube.com/watch?v=nkZdTHmX0TQ

robyn841

Haha yes! it was said with the same smirk as well. He really looked like he enjoyed causing me major stress! To top it all off, my partner is now getting payed Monday, so a nice weekend of suspense waiting for this bloody payslip