Brilliant Solutions

Virgin Money Update

Virgin Money has announced an important product update for advisers.  Virgin Money products and support with the lender, including same day payment on completion,  is all available accessible through our direct to lender mortgage clubContact us for more information. 

ANNOUNCEMENTS

We wanted to let you know that we’re making some changes to the following mortgages at 8pm on Thursday 14 January.

Core BTL

  • Selected 60% LTV fixed rates will increase by up to 0.17%
  • Selected 75% LTV fixed rates will increase by up to 0.10%

Product transfer

  • Selected BTL 75% LTV 2 year fixed rates will increase by up to 0.10%

These changes apply to Virgin Money products only.

WE NOW ACCEPT BONUS INCOME

We wanted to let you know that from today, Wednesday 13 January, we can accept variable income (bonus, commission or overtime) in our affordability assessment.

Here’s what we’ll accept

  • Variable income must have been received after 2 December 2020 to show that customers have continued to receive variable income through the challenging economic conditions.
  • We will use 60% of any bonus, commission or overtime.
  • For variable pay received annually, six monthly or quarterly, we will use 60% of the two year average. If the most recent year is lower, we’ll use 60% of that.
  • For variable pay received monthly, we will use 60% of the variable pay from the lowest of the most recent two payslips. If the year to date figure is lower, we’ll use 60% of the variable pay showing in the YTD.

Here’s what we need

For variable pay received annually, we need the most recent bonus payslip, which must be dated 2 December 2020 or later, plus the 2020 P60.

For variable pay received six monthly or quarterly, we need the most recent bonus payslip, which must be dated 2 December 2020 or later, plus the two most recent P60s.

For variable pay received monthly, we will need the most recent two months’ payslips.

Don’t worry if some variable income was received before 2 December and some was received after – we’ll still calculate it the same way.

We’re changing selected mortgages

We wanted to let you know that we’re making some changes to the following mortgages at 8pm today.

Product transfer

  • Selected 85% LTV fixed rates will be increased by up to 0.19%
  • Selected BTL 60% LTV fixed rates will be increased by up to 0.40%
  • Selected BTL 75% LTV 3 year fixed rates will be increased by 0.10%
  • BTL 80% LTV fixed rates will be increased by 0.40%
  • BTL 95% LTV 5 Year Fixed Rate fee saver option will be reduced by 0.45%
  • BTL 95% LTV 3 Year Fixed Rate fee saver option will be reduced by 0.25%

The end dates will move to 1 May of the relevant year.

If you’re applying for one of these mortgages on behalf of your customer, please send us the application as soon as possible.

You can find our current rates in our Mortgage Update

New 90% LTV first time buyer 2 year fixed rates

We wanted to let you know that we’re launching, and reducing the rates on, the following mortgages on Friday 15 January.

Exclusive

  • NEW 90% LTV FTB 2 year fixed rates from 3.44%.

Core

  • Selected 90% LTV FTB fixed rates will be reduced by up to 0.20%
  • Selected 85% LTV fixed rates will be reduced by up to 0.11%
  • 75% LTV 5 Year Fixed Rate fee-saver option will be reduced by 0.45%
  • Selected 65% LTV 7, 10 and 15 year fixed rates will be reduced by up to 0.40%
  • Selected HTB 75% LTV fixed rates will be reduced by up to 0.40%
  • Selected Shared Ownership fee-savers will be reduced by up to 0.21%
  • Selected BTL 60% LTV 10 year fixed rates will be reduced by up to 0.30%

Product transfer

  • Shared Ownership 90% LTV 2 Year Fixed Rate fee-saver option will reduce by 0.01%

To confirm what we said on Wednesday, we’ll also be making these changes:

Core BTL

  • Selected 60% LTV fixed rates will increase by up to 0.17%
  • Selected 75% LTV fixed rates will increase by up to 0.10%

Product transfer

  • Selected BTL 75% LTV 2 year fixed rates will increase by up to 0.10%

You can find our current rates in our Mortgage Update

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