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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 understand that choice is important. 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.
Why choose Virgin Money ?
New Build
- We lend up to 90% LTV for new build houses and 75% LTV for new build flats.
- Cash incentives are accepted up to 5% for 90% LTV and below.
- Unlimited non-cash incentives are also accepted.
- We support the Help to Buy Equity Loan Scheme for purchases.
- 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
- Minimum income of £50k is required.
- Evidence of 12 month contracting history needed or two years’ employed in same line of work.
- We require current and previous contract (or two years’ P60s if employed).
- Three months’ 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.
- For those earning less than £50k, or on fixed term/agency basis, a two year track record is required.
Buy To Let
- Portfolio Landlords accepted, policy applies.
- Portfolio straight balance swaps with no additional borrowing won’t need a business plan, cash flow or full portfolio details.
- Personal income may be considered to cover rental shortfall.
- Minimum income required is £25k.
- Payment holidays offered as standard.
Large Loans
Direct access to underwriters for £750k+ loans. Available to 75% LTV up to £5m.
Interest Only
We lend up to 75% LTV with a range of acceptable repayment vehicles. Capital & Interest top up to 80% LTV available to £2.5m.
Professionals
Our mortgages for professionals are available where one or more of the applicants are employed in one of the occupations listed here, with loans available from £80k up to £1m up to 85% LTV and to £750k up to 90% LTV.
Offset Mortgages
Credit balances in linked Clydesdale offset savings and current accounts do not earn credit interest. Instead they reduce the interest paid on the mortgage. As there is no credit interest paid, there is no tax to pay on interest either. Sole Traders or Simple Partnerships can offset their business accounts.
First Time Buyers
- Currently available up to 85% LTV.
- No product fee.
- We’ll consider any applicant who has not had a mortgage in the last 12 months as a first time buyer.
New Build
- Maximum residential New Build LTVs: Currently 85% for houses and 80% for flats, Maximum BTL New Build LTVs: 80% for houses and 70% for flats.
- Dedicated specialist desks for both new enquiries and case management.
- Offers valid for 180 days from date of issue
New Build mortgage criteria
- We lend up to 85% on residential new build flats and houses across England and Wales.
- We lend up to 75% on buy to let new build flats and houses across England and Wales.
- Extendable offer periods of 6 months + 6 months.
- We offer priority underwriting for new build applications.
- All valuations are instructed on day 1.
Join our Panel
To register on our panel, you’ll need to be registered with Virgin Money first.
You can do that at intermediaries.virginmoney.com.
Once registered on Virgin Money’s panel, you then need to register for Clydesdale’s Bank’s online portal, you can do that here.
Once you’ve registered and logged in for the first time you’ll be prompted to validate your details with us. You can do that by emailing [email protected] and quoting your company FCA number.
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Our underwriters adopt a flexible, tailored approach and take into account individual circumstances and can assess each case manually and on merit.
Over the years this flexible approach has allowed us to develop criteria to help a wide range of customers.
Get in Touch
You can find our current rates in our Mortgage Update and full details of our lending criteria on our website. If you’ve got any questions, you can get in touch with your Business Development Manager or dedicated Regional Service Team.
You can also discuss a new application and check the progress of your existing cases through live chat.
Useful Links
We have produced some hints & tips to assist with your completion of the application which will help us to process the application as fast as possible for your clients
https://www.clydesdalebankintermediaries.co.uk/how-to-apply/