Virgin Money Mortgage self employed

vikashkumar23

Hi,
Anyone have been with virgin money mortgage?
We are planning to apply for our mortgage.
My wife is swlf employed and she does tutoring. When she was been asked if Covid affects her job we said no because she do tutoring online.
She filed her last two years self assessment and got her SA03 tax filed . 
She doesn't have any business account. She use her personal account for business.
Does she need business account ?
Also does bank ask for her every month trading of money into her account ?

ACG

I dont know how virgin money are doing things at the minute, but they generally do not ask for bank statements. 
They would want an accountants reference for evidence of income. That being said, they may now want statements to evidence income is coming in again but you need to check with them if you plan on applying directly. 

It is never a good idea to choose a lender without checking you fut criteria and can satisfy their requirements. 

vikashkumar23

Our finance advisor choose virgin money as they have low interest rate.
Also our finance advisor didn't ask for letter from accountant for reference. They asked only for my wife's last two year tax return and bank account statement. 
Basically my wife files her self assessment tax return also she is registered as sole trader.

treetop150

We have just had our mortgage offer from Virgin Money after it being refused by them 2 weeks ago.  Our broker was surprised at how strict they were being.  3 months business bank statements plus 2 years tax returns were required, even though we have been trading for fifteen years and were applying for a small mortgage with plenty of deposit.  We took the first SEISS grant and this was the reason for them rejecting our application - they are being very twitchy for self employed at the moment, saying that they were taking the grant as our only annual income, which is ridiculous.  Our broker managed to persuade them, but we did have to put down even more of an already large deposit and also extend the term.

Note that our broker also said that if we take the second grant, we wouldn't be able to borrow for a very long time.

vikashkumar23

Hello Treetop150,
Basically my wife is self employed as sole trader and she didn't opt for any scheme since her job is tutoring and interpreting. Its a online job so even with COVID she can manage to do the job. Her job was not affected. 
What we would like to know is my wife didn't open a business bank account and is it a compulsory requirement that a sole trader required a business bank account to request for mortgage ?
Can she show her personal bank account and transactions ?

monetxchange

I used my personal bank account statements for an AIP as I freelance for one company that pays me every month regularly. You might need to go through a broker to see what different lenders require.