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 club. Contact us for more information.
ANNOUNCEMENTS
CHANGES TO OUR PORTFOLIO LANDLORD POLICY
We’re making changes to our policy for portfolio landlords taking a remortgage with no additional borrowing.
From Thursday 26 October, we’ll require the background portfolio has a minimum rental cover of 125% stressed at a rate of 5%.
Previously, we didn’t set a minimum rental cover ratio for portfolio landlords taking a remortgage with no additional borrowing.
We don’t need a business plan or cashflow for these customers, and we don’t always need a property schedule to be uploaded to the CoreLogic BTL hub. But if we do, we’ll let you know when we confirm your DIP.
Pipeline cases
These changes take effect for DIPs run from Thursday 26 October. Any DIPs run before this date will be assessed using our previous lending policy.
HELPING YOU HELP YOUR VULNERABLE CUSTOMERS
We know you care about getting great outcomes for your customers, and we do too – especially those who need extra support.
That’s why we’ve just launched a new service, exclusively for our brokers, which is designed to help your customers. If you feel a customer needs extra support once their mortgage has completed, you can pass their details to us, with just a few clicks.
How we can help
Once you’ve completed our simple online form, one of our customer care specialists will contact the customer to chat through their circumstances. This is to get a better understanding of how we can help them manage their mortgage. There’s a range of support options available, tailored to their needs, that may be able to help.
This should give your customers some peace of mind, and you too, knowing they’re in good hands.
How to refer
To use this service, you’ll need your customer’s consent first.
Once they’ve agreed, use this form to give us their details, and we’ll take it from there.
If they would prefer not to receive help this way, you can always point them towards our support hub.
We believe banking and financial services are for everyone, and that our new service will help us work together to deliver better outcomes for more of your vulnerable customers.
WE’RE MAKING SOME CHANGES
We wanted to let you know that we’re making some changes to selected Virgin Money products. At 8pm on Monday 23 October, the following products will be withdrawn.
Purchase Exclusives with £1,295 fee
- 65% LTV 2 Year Fixed Rate at 5.20%.
- 75% LTV 2 Year Fixed Rate at 5.26%.
- 85% LTV 2 Year Fixed Rate at 5.62%.
- 65% LTV 5 Year Fixed Rate at 4.71%.
- 75% LTV 5 Year Fixed Rate at 4.81%.
- 85% LTV 5 Year Fixed Rate at 5.02%.
Purchase Exclusive fee-savers
- 65% LTV 2 Year Fixed Rate at 5.56%.
- 75% LTV 2 Year Fixed Rate at 5.58%.
- 85% LTV 2 Year Fixed Rate at 5.90%.
- 65% LTV 5 Year Fixed Rate at 4.87%.
- 75% LTV 5 Year Fixed Rate at 4.95%.
- 85% LTV 5 Year Fixed Rate at 5.20%.
Remortgage Exclusives with £995 fee and £250 cashback
- 60% LTV 2 Year Fixed Rate at 5.26%.
- 70% LTV 2 Year Fixed Rate at 5.33%.
- 60% LTV 5 Year Fixed Rate at 4.85%.
- 70% LTV 5 Year Fixed Rate at 4.90%.
- 60% LTV 7 Year Fixed Rate at 4.95%.
Remortgage Exclusive fee-savers with £250 cashback
- 60% LTV 2 Year Fixed Rate at 5.94%.
- 60% LTV 5 Year Fixed Rate at 5.15%.
We’ll also be making the following changes:
- Selected Product Transfer fixed rates will be increased by 0.10%, with rates starting from 4.99%.
If you’re applying for one of these products on behalf of your customer, please send us the application by 8pm today.
If you’re applying for one of these products on behalf of your customer, please send us the application by 8pm today.