Virgin Money website

Important stuff just for mortgage brokers

Great reasons to use Virgin Money
For us, being a good partner means putting your needs at the heart of our decisions and recognising what’s important to you – our products, our pricing and our service.

We love figuring out how to say yes, whether it be simple cases or those quirky ones. Figuring out how to say yes is kind of our thing. 

We also understand that choice is important and that’s why we offer a wide range of products and features. 

And don’t forget, you have access to a field BDM and a telephone BDM meaning you can get the right support when you need it.

Here’s some of our key product and policy points.

New Build

  • We lend up to 90% LTV for new build houses and 80% LTV for new build flats.
  • Cash incentives are accepted up to 5% for 90% LTV and below.
  • Unlimited non-cash incentives are also accepted.
  • Shared Ownership purchase mortgages are available up to 95% LTV. 
  • New Build Offers are valid for 30 weeks.
  • 30 week extensions available subject to the application being re-underwritten against our currently lending policy, re-credit scored and updated income documentation.

Self Employed

  • We use share of net-profit after tax + salary.
  • Two years’ trading figures are required.
  • Up to 4.49 x income.

Contractors

  • Evidence of 12 month contracting history needed or two years’ employed in same industry (2 year contracting history if income <£50k)
  • We require current and previous contract (or two years’ P60s if employed).
  • One month remaining or evidence of renewal.
  • No more than six weeks between contracts.
  • Three months’ bank statements.
  • We’ll calculate income at day rate x5 x 46 weeks.

BTL

  • Portfolio Landlords accepted, policy applies.
  • Portfolio straight balance swaps with no additional borrowing won’t need a business plan or cash flow.
  • No minimum income unless using personal income (min £50k) to cover rental shortfall
  • Payment holidays offered as standard.

 

*Products from Virgin Money can be accessed by using Next Intelligence as your payment route.