Virgin Money weekly updated in a couple of key areas – service and ensuring you know our current turnaround times and also the key messages our BDM’s are highlighting in any given week – and there is currently lots to talk about but we focus on 3 key areas!
Service at 27th March:
Virgin Money:
Initial Assessment:- 2 days
- Correspondence & Valuations:– 2 days to assess documents and 2 day to assess valuations
- Speed to Offer:– 10 days
- Calls:– 85% answered & Webchat 94% answered. Average wait time 8:49.
- Policy Exceptions:– 5 days
- New adviser registrations:- 1 days
- Product Transfers – Offers 5 days; Correspondence 2 days; Underwriting 2 days
Clydesdale Bank:
Initial assessment:- 2 days
- Correspondence & Valuations:- 4 days to assess documents and 1 day to assess valuations
- Offers:- 4 days
- Speed to Offer:- 15 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
Proactive BDM Messages:
Virgin Money – BTL Applications – no minimum personal income requirement
- For BTL applications where the rent received from the property covers the required Interest Cover Ratio (ICR) of 145% there is no minimum personal income requirement.
- Please still ensure that any income is declared on the application – income can be derived from employment, self-employment, contractors and land & property, discuss with your BDM if income is from any other source
- Please note that some cases may still flag as requiring Underwriter consideration dependent on the credit risk profile of the application
- If the customer is top slicing and we are using personal income we would not use profit from rental income towards the min £50,000 or the affordability test for the shortfall
Virgin Money – We now accept Forces Help to Buy Loan as a Mortgage Deposit
The Scheme is open to serving members of the armed forces and lets them borrow up to 50% of their annual salary – up to £25,000 – interest-free, to put towards a residential purchase.
- The loan is repaid in equal instalments over a 10 year period – deducted from their salary with a small insurance premium.
Financial Reporter Awards – We need your votes please!
We are delighted to have been shortlisted in the following categories and would love your support
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- Best Mortgage Lender – Clydesdale Bank
- Best BTL Lender – Virgin Money
- Best Green Lender / Provider – Virgin Money
- Also we have one of our brilliant colleagues Brian McGoogan nominated for ‘Underwriter of the year’ We love it when one of our people are recognised in this way so please vote!
- Voting is super simple and closes on 14th April using this link Financial Reporter Awards