Virgin Money Mortgage - FTB

ohsweetcaroline23

Wondering if anyone else is in the process of a FTB mortgage application with Virgin Money? Aware they have a particularly long turn around time (currently 23  working days average from application to offer)

My timeline so far is:

7th July - application submitted
20th July - valuation payment taken
27th July - valuation instructed + additional forms requested (Residential mortgage declaration & deposit gift form)
28th July - in person valuation took place and additional forms submitted

MB said it will be 12 days for them to review all documentation and either issue offer or raise queries. From experience is there anything I can have prepared so I don't cause any delays after those 12 days? I'm self employed, buying with my partner who is in full time employment.

We're on a deadline of early September to complete as the seller's mortgage offer on their onward is due to expire. Seller is on maternity leave so worried about requesting an offer extension (I'm not sure if this is an actual issue or a pressure tactic from the EA - does anyone have experience with this too).

Any insight would be helpful or just to hear from anyone else going through this process with Virgin Money...

K_S

ohsweetcaroline23 said:

Wondering if anyone else is in the process of a FTB mortgage application with Virgin Money? Aware they have a particularly long turn around time (currently 23  working days average from application to offer)

My timeline so far is:

7th July - application submitted
20th July - valuation payment taken
27th July - valuation instructed + additional forms requested (Residential mortgage declaration & deposit gift form)
28th July - in person valuation took place and additional forms submitted

MB said it will be 12 days for them to review all documentation and either issue offer or raise queries. From experience is there anything I can have prepared so I don't cause any delays after those 12 days? I'm self employed, buying with my partner who is in full time employment.

We're on a deadline of early September to complete as the seller's mortgage offer on their onward is due to expire. Seller is on maternity leave so worried about requesting an offer extension (I'm not sure if this is an actual issue or a pressure tactic from the EA - does anyone have experience with this too).

Any insight would be helpful or just to hear from anyone else going through this process with Virgin Money...

@ohsweetcaroline23

Virgin app - As long as you've provided everything the broker has asked for, that's all you can do. Especially with self-employed applications, sometimes it's just not possible to avoid to and fro with the underwriter because the broker has to balance between providing the minimum documentation and information required for the application (lenders don't like it if you give stuff they haven't asked for and doing that sometimes slows the processing down even more) and trying to pre-empt questions. As you rightly mentioned, they are very slow at the moment but hopefully your offer will come through soon.

Mortgage while on maternity leave - this is usually not a problem as long as the applicant intends to return after maternity on a salary that meets affordability, can evidence that and future childcare costs/arrangements are factored in.

ohsweetcaroline23

Just an update on this, in case anyone else is in the process with Virgin. Our offer was issued on 19th August so just over 6 weeks in total.