See below the latest service position for Virgin Money and Clydesdale Bank, plus also the 3 ‘red hot things’ our BDM’s are talking about this week.
Service at 6th June
Virgin Money:
Initial Assessment:- 2 days
- Correspondence & Valuations:– 1 days to assess documents and 2 day to assess valuations
- Speed to Offer:– 12 days
- Post Offer:- 2 days
- Calls:– 90% answered & Webchat 98% answered. Average wait time 05:31
- Policy Exceptions:– 4 days
- New adviser registrations:- 2 days
- Product Transfers – Offers 3 days; Correspondence 2 days; Underwriting 2 days
Clydesdale Bank:
Initial assessment:- 4 days
- Correspondence & Valuations:- 5 days to assess documents and 2 days to assess valuations
- Offers:- 2 days
- Speed to Offer:- 22 days.
- Cases fully packaged at outset are achieving lower speed to offer timescales
- Average speed to offer is working days based on applications received since April 2021.
- New adviser registrations:
- Adviser already on VM panel and firm already on CB panel:- <2 days
- All other registration requests:- <5 days.
- Product Transfers:- 2 days
3 ‘Red Hot Things’:
A spotlight on some great Virgin Money USPs …
Buy To Let / Let To Buy: (Same products for both)
- We treat higher and lower rate tax payers the same for all BTL applications.
- On a straight balance swap we use the same stress whether its 2 or 5 year fixed:
125% at either 5% or product rate plus 1% whichever is higher
- Plus we have no minimum income!
Try our BTL calculator today
Gifted Deposit:
- We can accept a gifted deposit from friends as well as all family.
- The source and amount of deposit must be judged as reasonable against context of customer profile.
Defaults:
- Maximum of 2 satisfied defaults in the last 6 years
- Combined value of up to £5,000
- Must be below 90% LTV
More information can be found here