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RubyHouse
Posts: 60 Forumite
Looking for reassurance / clarification on any experiences with Virgin Mortgages,
We are first time buyers…
Provided with DIP with Halifax via broker 29th March
Offer accepted on house 3rd May.
Broker finds better deal with Virgin 16th May and granted a DIP based on affordability.
Full application submitted to Virgin 18th May.
We have applied for much less than the DIP, mortgage would be 2.5 x our combined annual salary.
My partners credit history is near immaculate with only 1 late payment from 18 months ago for a credit card he paid off but interest was added the month after.
I have 1 default for a student overdraft with HSBC showing as settled in July 2013 (I actually have no recollection of this going into default). Rookie mistake, I only checked Experian after the application, this did not show on the ClearScore.
And 1 late payment from 18 months ago.
Since the application, I’ve read that Virgin Money are not so keen on those with a less than perfect credit history (understandable).
We are first time buyers…
Provided with DIP with Halifax via broker 29th March
Offer accepted on house 3rd May.
Broker finds better deal with Virgin 16th May and granted a DIP based on affordability.
Full application submitted to Virgin 18th May.
We have applied for much less than the DIP, mortgage would be 2.5 x our combined annual salary.
My partners credit history is near immaculate with only 1 late payment from 18 months ago for a credit card he paid off but interest was added the month after.
I have 1 default for a student overdraft with HSBC showing as settled in July 2013 (I actually have no recollection of this going into default). Rookie mistake, I only checked Experian after the application, this did not show on the ClearScore.
And 1 late payment from 18 months ago.
Since the application, I’ve read that Virgin Money are not so keen on those with a less than perfect credit history (understandable).
0
Comments
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Virgin are a lender for those with no issues, although in the right circumstances they can be a little flexible. If the default was quite a small one (below £250 or £500 from memory) then you fit criteria and like most lenders, it is just down to how your application scores with them.
It seems like you are beyond that however, so all should be fine from here on in.
They are quite quick so you should not be waiting too long.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 -
Thanks for your reply ACG, the default is for £260 and is showing as settled within 5 months.
I have queried this with HSBC as I don't believe it should be there...I was a victim of identity fraud on this account and HSBC credited back any money taken. Then a few months later, they debited it back out of the account again putting me into my overdraft - from my recollection I refused to pay this back as they had previously agreed to pursue the funds from the fraudster (or not at all). And I had also moved banking providers so the account was dormant.0
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