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’re back with Shared Ownership at 95% LTV
HELPING MORE CUSTOMERS WITH SMALLER DEPOSITS

We’ve got great news with the relaunch of our 95% LTV Shared Ownership deals and a new 95% LTV 2 year fixed rate, helping more customers with smaller deposits.

We’ve also made selected rate reductions and updated our lending criteria for contractors.

Exclusive purchase deals with £1,000 cashback
  • 85% LTV 2 Year Fixed Rate with £995 fee has been reduced to 2.40%.
  • 85% LTV 5 Year Fixed Rate with £995 fee has been reduced to 2.70%.
Core
  • NEW Shared Ownership 95% LTV 2 and 5 year fixed rates, starting from 4.04%.
  • NEW 95% LTV 2 Year Fixed Rate fee-saver at 3.79%.
  • 95% LTV 5 Year Fixed Rate has been reduced to 3.95%.
  • 65% LTV 5 Year Fixed Rate fee-saver has been reduced to 1.48%.
  • Selected 85% LTV Fixed Rates, including Greener options, have been reduced by up to 0.07%.
  • Selected HTBEQL 75% LTV Fixed Rates, including Greener options, have been reduced by 0.16%.
  • Selected BTL Fixed Rates have been reduced by up to 0.50%.
Product Transfer
  • 95% LTV Shared Ownership 5 Year Fixed Rate has been reduced to 4.14%.
  • 85% LTV 2 Year Fixed Rate with £995 fee has been reduced to 2.38%.
  • 65% LTV 5 Year Fixed Rate fee-saver has been reduced to 1.48%.
  • Selected BTL Fixed Rates have been reduced by up to 0.50%.

A quick reminder that our Shared Ownership deals are available up to a maximum term of 35 years and lending on flats over 80% LTV must be in buildings of no more than 10 storeys.

Our 95% LTV mortgages are offered through the Government’s Mortgage Guarantee Scheme. To find out more, view our eligibility criteria.

Updates to contractor lending criteria

Following recent IR35 rule changes, we wanted to let you know that we accept contracts that fall within IR35 rules. We also accept contract income received via a payroll services (umbrella) company.

When a contractor is paid via an umbrella company, or falls inside IR35 and receives payslips, we need to see the last two months’ payslips in addition to standard documentation. Any statutory employer costs (including employer NI contributions and Apprenticeship Levy) and any payroll service costs are deducted from gross pay before we multiply gross pay by 46 weeks.

You can find all our new rates in our Mortgage Update and 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.

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