Virgin Money Mortgage timelines are crazy

col81

Applied 4 weeks ago approved in principal for a second homeowner mortgage no issues. With underwriters still not heard anything chased 3 times just keep getting told it is in a queue? is this normal? i have £0 debt and 999 experian credit score. House worth £210k need £125k mortgage

K_S

@col81 Virgin-Clydesdale are quite slow at present, the only mainstream lender that is slower right now is Nationwide.

With respect to intermediary applications, this is from my Virgin BDM this morning -


If your app went in well before then, might be worth chasing your broker for an update.

Takeshi_Kovacs

We're at 8 weeks with Kensington via Trussle, still no yay or ney. Just lots of unreturned calls, same docs being requested multiple time, vague promises of deadlines that are never met. First-time buyers so we're not sure how far from the norm this is. But I feel your frustration, just a shame these companies don't have any empathy toward their customers, you feel you're like cattle to them.

ACG

If you applied 4 weeks ago you should have heard back by now. 

Although plenty of lenders are taking 10-15 working days to assess documents at the moment. Off the top of my head:
Natwest,
Nationwide,
TML,
Virgin.

col81

Thank you! The broker has said all information submitted is fine and virgin will contact me regarding a valuation. Does this mean I will get a offer? How do they value the property? I told them it's worth £190k but next door is going through a sales process and it went for £216k (it's going through) 

simon_or

col81 said:

Thank you! The broker has said all information submitted is fine and virgin will contact me regarding a valuation. Does this mean I will get a offer? How do they value the property? I told them it's worth £190k but next door is going through a sales process and it went for £216k (it's going through) 

The value for the lender will be the lower of what you told them (190k) and what the valuer thinks it is. So the maximum they will come back with is 190k.

col81

What if they said it's worth £170k do I pay a higher rate because of ltv? Seems a grey area. Also I presume if valuation ok I'm sorted?

simon_or

If you are close to an LTV band and fall into the next one with a 20k down-valuation then yes you may have to pay a higher rate. But tbh the difference in rates between 60-85% LTV is minimal anyways. The only issue is whether the bank will allow you to pick a rate that was available when you applied or one that is available now (which will be higher).

The valuation is separate to the underwriting.