ALL OUR MORTGAGES ISSUE 130 VALID FROM 28.11.17 BTL 2 YEAR FIXED RATE AVAILABLE FROM 1.49% For professional intermediary use only. This description of Virgin Money s mortgages is directed at professional intermediaries who are authorised or exempt by the Financial Conduct Authority. The products described in this guide are available through professional intermediaries only. This is not a financial promotion and should not be displayed as such. People who do not have professional experience of mortgage products should not rely on this guide. This product guide does not include APRCs which consumers need when selecting a mortgage product. Details of our APRCs can be found when applying for a product from your mortgage sourcing system.
WHAT HAS CHANGED On Tuesday 28 November, we reduced the following product: > fee saver option at 95% LTV is now available at 4.09% with 300 cashback We have also amended the following products: > 2 year fixed rates at 80% and 85% LTV with a 995 fee have been increased by up to 0.10% > 5 year fixed rate fee saver options between 65% and 85% LTV have been increased by 0.05% > 5 Year at 80% LTV with a 995 fee has been increased by 0.10% > Help to Buy Equity Loan Stamp Duty Buster range has been withdrawn Additional Information End dates have moved to for the relevant year. THERE ARE PARTNERSHIPS. AND THERE ARE VIRGIN MONEY PARTNERSHIPS. At Virgin Money, our mortgage business relies on our intermediary partners. So we re keen to work that bit harder for you. That means offering you our very best products, not keeping the best deals to help us find new customers ourselves. It means paying you fairly for the work you do for us, which now includes product transfers. It means making our lending policy easy to understand and giving you direct access to policy experts. And it means not just meeting our SLAs, but beating them where we can. In fact, we will do everything in our power to help you build your business. Because when you thrive, we do too. That s a Virgin Money partnership. Read on to find out more or talk to your dedicated Business Development Manager. READ ON TO FIND OUT MORE 2
EVERYDAY RESIDENTIAL RATES PURCHASE AND REMORTGAGE Simple, straightforward residential mortgages designed to fit a range of needs. > Fixed rate deals available up to 95% LTV and tracker rate deals available up to 80% LTV, with a choice of fee options > Maximum loan size of 1m > Selected deals come with cashback > Free basic valuation and free standard legal work for all residential remortgage customers > Flexible features your clients can make overpayments and apply for payment holidays (subject to criteria)* Everyday Purchase Range Max LTV 995 Fee Options Fee Saver Options Cashback Cashback Reverting Until Early Repayment Charge 65% 1.48% 300 1.84% 0 70% 1.50% 300 1.85% 0 75% 1.52% 300 1.89% 0 80% 1.71% 300 2.03% 0 85% 1.74% 300 2.08% 0 1.5% of the 90% 2.25% 300 ( 500 for first time buyers) 2.55% 300 95% n/a n/a 4.09% 300 3 Year 65% 1.69% 300 1.88% 0 70% 1.72% 300 1.92% 0 75% 1.74% 300 2.15% 0 80% 1.78% 300 2.18% 0 85% 1.88% 300 2.23% 0 90% 2.49% 300 ( 500 for first time buyers) 2.68% 300 95% n/a n/a 4.34% 300 Following the Fixed period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 2021 2% of the 2021 65% 2.01% 300 2.18% 0 70% 2.02% 300 2.24% 0 5 Year 75% 2.06% 300 2.28% 0 80% 2.21% 300 2.33% 0 85% 2.28% 300 2.45% 0 2023 4% of the 2023 90% 2.75% 300 ( 500 for first time buyers) 2.95% 300 95% n/a n/a 4.54% 300 *Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. 3
EVERYDAY RESIDENTIAL RATES PURCHASE AND REMORTGAGE Everyday Remortgage Range Max LTV with 995 Fee with Fee Saver Option Reverting Until Early Repayment Charge 65% 1.48% 1.84% 70% 1.50% 1.85% 75% 1.52% 1.89% 80% 1.71% 2.03% 1.5% of the outstanding 85% 1.74% 2.08% 90% 2.25% 2.55% 3 Year 65% 1.69% 1.88% 70% 1.72% 1.92% 75% 1.74% 2.15% 80% 1.78% 2.18% 85% 1.88% 2.23% 90% 2.49% 2.68% Following the Fixed period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 2021 2% of the outstanding 2021 65% 2.01% 2.18% 70% 2.02% 2.24% 5 Year 75% 2.06% 2.28% 80% 2.21% 2.33% 2023 4% of the outstanding 2023 85% 2.28% 2.45% 90% 2.75% 2.95% 4
EVERYDAY RESIDENTIAL RATES PURCHASE AND REMORTGAGE Everyday Purchase Range Max LTV with 995 Fee with Fee Saver Option Reverting Until 70% 1.50% (BoE + 1.00%) 2.24% (BoE + 1.74%) 75% 1.52% (BoE + 1.02%) 2.38% (BoE + 1.88%) 80% 1.74% (BoE + 1.24%) 2.44% (BoE + 1.94%) Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan Early Repayment Charge 1% of the outstanding Everyday Remortgage Range Max LTV with 995 Fee with Fee Saver Option Reverting Until 65% 70% 75% 80% 1.43% (BoE + 0.93%) 1.50% (BoE + 1.00%) 1.52% (BoE + 1.02%) 1.74% (BoE + 1.24%) 2.09% (BoE + 1.59%) 2.24% (BoE + 1.74%) 2.38% (BoE + 1.88%) 2.44% (BoE + 1.94%) Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan Early Repayment Charge 1% of the outstanding 5
HELP TO BUY: EQUITY LOAN RATES PURCHASE Equity loan residential mortgages available for customers in England, London, Scotland and Wales looking to purchase a new build home. The Government loans up to 40% of the property value, with a mortgage making up the remaining funds. > Fixed rates available at 55%, 75% and 80% LTV, with a choice of fee options > Minimum and maximum loan sizes vary, see notes section for each product > Flexible features your clients can make overpayments and apply for payment holidays (subject to criteria)* > The Offer of Loan period for all Help to Buy Equity Loans is six months (26 weeks). Subject to criteria, we will provide an Offer extension for a further six months if required > When purchasing a property through one of the Help to Buy Equity Loan schemes, incentives of any kind (cash and non-cash) cannot be more than 5% of the value of the property. For full details of the incentives we accept please visit the intermediary website Everyday Purchase Range Max LTV with 995 Fee with Fee Saver Option Cashback Reverting Until Early Repayment Charge Notes Fixed 3 Year Fixed 5 Year Fixed 55% 1.45% 2.20% 75% 1.55% 2.30% 80% 1.83% 2.65% 500 75% 1.99% 2.49% 500 55% 2.19% 2.49% 75% 2.25% 2.59% 80% 2.59% 3.09% 500 Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 2021 2023 1.5% of the outstanding loan balance until 2% of the outstanding loan balance until 2021 4% of the outstanding loan balance until 2023 Max loan 330,000 (subject to LTV limits of lending policy) Max loan 450,000 (subject to LTV limits of lending policy) Max loan 160,000 (subject to LTV limits of lending policy). Only available in Scotland Max loan 450,000 (subject to LTV limits of lending policy) Max loan 330,000 (subject to LTV limits of lending policy) Max loan 450,000 (subject to LTV limits of lending policy) Max loan 160,000 (subject to LTV limits of lending policy). Only available in Scotland FOR MORE INFORMATION ON THE HELP TO BUY SCHEME AND CRITERIA, PLEASE VISIT THE INTERMEDIARY WEBSITE * Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. ** Cashback can also be used as a contribution to Land and Buildings Transaction Tax in Scotland. 6
CUSTOM BUILD MORTGAGES We are supporting the Government s ambition to construct more homes and provide more choice to customers looking to build their own home. With custom build, buyers build their own home on a pre-approved serviced plot of land (for example, with all utilities on site). It gives customers the freedom to choose the plot, builder, design and layout of their new home. We are working in partnership with BuildLoan to help your customers realise the dream of building their own home with our Custom Build mortgages. Purchase Range Max LTV with 1,995 Fee Reverting Until Early Repayment Charge Notes 3 Year 80% 85% 5.04% (BoE + 4.54%) 5.24% (BoE + 4.74%) Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 2021 1% of the 2021 Max loan 500,000 (subject to LTV limits of lending policy) > Up to 85% loan to cost (LTC) during the build and a maximum final LTV of 85% on completion > We will cover the cost of the indemnity insurance, so the customer doesn t have to, reducing up front costs. > Freedom to switch to another Virgin Money product from our product transfer range with no Early Repayment Charge at any time after the property is built > Overpayments accepted up to 10% of the total mortgage balance during and after the build > The Offer of Loan period is four months. Subject to criteria, we will provide an Offer extension for a further two months if required > Interest only for a maximum of 24 months from the 1st of the month following completion/first stage release. After that, repayment changes to capital and interest > All applications need to be submitted via BuildLoan As part of our ambition to make everyone better off, we are working with our partners, BuildLoan, Countrywide and Eversheds. Together we will donate 150 for every Custom Build mortgage completion to Crisis, the national charity for homeless people, to help get someone get back on their feet. FOR MORE INFORMATION PLEASE CONTACT YOUR DEDICATED BUSINESS DEVELOPMENT MANAGER. 7
EVERYDAY FREEDOM TO FIX RESIDENTIAL RATES PURCHASE AND REMORTGAGE For those who want to benefit from a tracker while interest rates are low, but might want to change to a fixed rate in the future without incurring an Early Repayment Charge. > deals available up to 80% LTV, with a 995 fee > Maximum loan size of 1m > Free basic valuation and free standard legal work for all residential remortgage customers > Flexible features your clients can make overpayments and apply for payment holidays (subject to criteria)* Everyday Freedom to Fix Purchase Range Max LTV with 995 Fee Reverting Until Early Repayment Charge 70% 1.65% (BoE + 1.15%) Following the period, 75% 1.67% (BoE + 1.17%) the loan will revert to Virgin Money s Standard Variable (currently 80% 1.99% (BoE + 1.49%) 4.79%) for the life of the loan 1% of the Everyday Freedom to Fix Remortgage Range Max LTV with 995 Fee Reverting Until Early Repayment Charge 65% 1.64% (BoE + 1.14%) 70% 1.65% (BoE + 1.15%) 75% 1.67% (BoE + 1.17%) 80% 1.99% (BoE + 1.49%) Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 1% of the *Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. 8
FLEXIBLE RESIDENTIAL RATES PURCHASE AND REMORTGAGE Residential mortgages ideal for clients looking to secure more flexibility. As their lives change, so too can their mortgage, allowing them to choose whatever works for them at the time. > deals available up to 80% LTV, with a 995 fee > Maximum loan size of 1m > Free basic valuation and free standard legal work for all residential remortgage customers > Fully flexible your clients can make overpayments and apply for payment holidays, underpayments and borrow back (subject to criteria)* Flexible Purchase Range Max LTV with 995 Fee Reverting Until Early Repayment Charge 65% 1.74% (BoE + 1.24%) 70% 2.04% (BoE + 1.54%) 75% 2.89% (BoE + 2.39%) 80% 3.69% (BoE + 3.19%) Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 1% of the original loan amount until Flexible Remortgage Range Max LTV with 995 Fee Reverting Until Early Repayment Charge 65% 1.74% (BoE + 1.24%) 70% 2.04% (BoE + 1.54%) 75% 2.89% (BoE + 2.39%) 80% 3.69% (BoE + 3.19%) Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 1% of the original loan amount until THERE S SORRY, PRODUCT WITHDRAWN. AND THERE S 24 HOURS NOTICE. We will give you at least 24 hours notice before we increase the rates on our mortgage deals. We will never just pull these products without letting you know first. That way you and your customers know exactly where you stand. *Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. 9
EVERYDAY BUY TO LET RATES PURCHASE AND REMORTGAGE Whether your clients are buying a property to let or refinancing an existing property, why not give them a helping hand with one of our buy-to-let mortgages designed to fit a range of needs. > Fixed and tracker deals available up to 75% LTV, with a choice of fee options > All deals come with cashback > Maximum loan size of 1m > Flexible features your clients can make overpayments and apply for payment holidays (subject to criteria)* which can be useful to offset rental voids Everyday Max LTV 1,995 Fee Options 995 Fee Options Fee Saver Options Reverting Cashback Cashback Cashback Until Early Repayment Charge 3 Year 5 Year 60% 1.49% 1.69% 2.99% 70% 1.82% 2.03% 3.09% 75% 1.84% 2.04% 3.29% 60% 1.69% 2.03% 2.99% 70% 2.25% 500 2.49% 500 3.19% 75% 2.35% 2.59% 3.29% 60% 2.19% 2.29% 3.05% 70% 2.74% 2.84% 3.39% 75% 2.78% 2.90% 3.49% 500 Following the period, the loan will revert to Virgin Money s Buy To Let Variable (currently 4.99%) for the life of the loan 2021 2023 1.5% of the 2% of the 2021 4% of the 2023 Everyday Max LTV 995 Fee Options Cashback Reverting Until Early Repayment Charge 60% 1.79% (BoE + 1.29%) 70% 2.14% (BoE + 1.64%) 75% 2.24% (BoE + 1.74%) 500 Following the period, the loan will revert to Virgin Money s Buy To Let Variable (currently 4.99%) for the life of the loan 1% of the *Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. 10
PRODUCT TRANSFER RANGE We understand the value you bring to our business when you share your customers with us. So you can renew a customer s mortgage with Virgin Money and we will pay you a procuration fee when you do. Please check our rates with your club or network. Sounds great how do I get started? You can renew a customer s mortgage in five simple steps. 1. Log in to VMO and choose the product transfer option. 2. Enter the customer s mortgage account number and surname. 3. You will be given options to make three additional changes additional borrowing, change of repayment type, or change of term*. 4. Choose a new product from the options available. 5. Complete the application and hit submit. EVERYDAY RESIDENTIAL RATES PRODUCT TRANSFER > Flexible features your clients can make overpayments and apply for payment holidays (subject to criteria)** > No documentation required unless you ve requested changes or additional borrowing > No valuation or legal fees. If you enter an estimated valuation we may have to charge a fee to validate your estimate. We will always let you know in advance of instructing a valuation if a fee were to be applicable Everyday Range Max LTV with 995 Fee with Fee Saver Option Reverting Until Early Repayment Charge 65% 1.48% 1.84% 70% 1.50% 1.85% 75% 1.52% 1.89% 80% 1.71% 2.03% 85% 1.74% 2.08% 1.5% of the outstanding 90% 2.25% 2.55% 95% n/a 4.09% 65% 1.69% 1.88% 3 Year 70% 1.72% 1.92% 75% 1.74% 2.15% 80% 1.78% 2.18% 85% 1.88% 2.23% 90% 2.49% 2.68% Following the Fixed period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 2021 2% of the outstanding 2021 95% n/a 4.34% 65% 2.01% 2.18% 70% 2.02% 2.24% 5 Year 75% 2.06% 2.28% 80% 2.21% 2.33% 85% 2.28% 2.45% 2023 4% of the outstanding 2023 90% 2.75% 2.95% 95% n/a 4.54% *A full affordability assessment may be required. **Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. Also available to Existing Customers with LTV >95% (no additional borrowing). 11
EVERYDAY RESIDENTIAL RATES PRODUCT TRANSFER Everyday Range Max LTV with 995 Fee with Fee Saver Option Reverting Until 65% 1.43% (BoE + 0.93%) 2.09% (BoE + 1.59%) 70% 1.50% (BoE + 1.00%) 2.24% (BoE + 1.74%) 75% 1.52% (BoE + 1.02%) 2.38% (BoE + 1.88%) 80% 1.74% (BoE + 1.24%) 2.44% (BoE + 1.94%) 85% 1.74% (BoE + 1.24%) 2.44% (BoE + 1.94%) Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan Early Repayment Charge 1% of the outstanding *Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. 12
HELP TO BUY: EQUITY LOAN RATES PRODUCT TRANSFER > Flexible features your clients can make overpayments and apply for payment holidays (subject to criteria)* > No documentation required unless you ve requested to change your term > Additional borrowing and change of repayment type are not permitted > No valuation or legal fees. If you enter an estimated valuation we may have to charge a fee to validate your estimate. We will always let you know in advance of instructing a valuation if a fee were to be applicable > Max loan 450k (subject to LTV limits of lending policy) Everyday Range Fixed 3 Year Fixed 5 Year Fixed Max LTV with 995 Fee 55% 1.45% 2.20% 75% 1.55% 2.30% 80% 1.83% n/a 95% n/a 2.65% 75% 1.99% n/a 95% n/a 2.49% 55% 2.19% 2.49% 75% 2.25% 2.59% 80% 2.59% n/a 95% n/a 3.09% with Fee Saver Option Reverting Until Early Repayment Charge Following the Fixed period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 2021 2023 1.5% of the outstanding 2% of the outstanding 2021 4% of the outstanding 2023 EVERYDAY FREEDOM TO FIX RESIDENTIAL RATES PRODUCT TRANSFER > Flexible features your clients can make overpayments and apply for payment holidays (subject to criteria)* > No documentation required unless you ve requested changes or additional borrowing > No valuation or legal fees. If you enter an estimated valuation we may have to charge a fee to validate your estimate. We will always let you know in advance of instructing a valuation if a fee were to be applicable Everyday Freedom to Fix Range Max LTV with 995 Fee Reverting Until Early Repayment Charge 65% 1.64% (BoE + 1.14%) 70% 1.65% (BoE + 1.15%) 75% 1.67% (BoE + 1.17%) 80% 1.99% (BoE + 1.49%) Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 1% of the 85% 1.99% (BoE + 1.49%) *Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. 13
FLEXIBLE RESIDENTIAL RATES PRODUCT TRANSFER > Fully flexible your clients can make overpayments and apply for payment holidays, underpayments and borrow back (subject to criteria)* > No documentation required unless you ve requested changes or additional borrowing > No valuation or legal fees. If you enter an estimated valuation we may have to charge a fee to validate your estimate. We will always let you know in advance of instructing a valuation if a fee were to be applicable Flexible Range Max LTV with 995 Fee Reverting Until Early Repayment Charge 65% 1.74% (BoE + 1.24%) 70% 2.04% (BoE + 1.54%) 75% 2.89% (BoE + 2.39%) 80% 3.69% (BoE + 3.19%) Following the period, the loan will revert to Virgin Money s Standard Variable (currently 4.79%) for the life of the loan 1% of the original loan amount until 85% 3.69% (BoE + 3.19%) EVERYDAY BUY TO LET RATES PRODUCT TRANSFER > Flexible features your clients can make overpayments and apply for payment holidays (subject to criteria)* which can be useful to offset rental voids > No documentation required unless you ve requested changes or additional borrowing > No valuation or legal fees. If you enter an estimated valuation we may have to charge a fee to validate your estimate. We will always let you know in advance of instructing a valuation if a fee were to be applicable Everyday 3 Year 5 Year Max LTV 1995 Fee Options 995 Fee Options Fee Saver Options Reverting 60% 1.49% 1.69% 2.99% 70% 1.82% 2.03% 3.09% 75% 1.84% 2.04% 3.29% 95% n/a n/a 5.29% 60% 1.69% 2.03% 2.99% 70% 2.25% 2.49% 3.19% 75% 2.35% 2.59% 3.29% 95% n/a n/a 5.89% 60% 2.19% 2.29% 3.05% 70% 2.74% 2.84% 3.39% 75% 2.78% 2.90% 3.49% 95% n/a n/a 5.94% Following the period, the loan will revert to Virgin Money s Buy To Let Variable (currently 4.99%) for the life of the loan Until 2021 2023 Early Repayment Charge 1.5% of the 2% of the 2021 4% of the 2023 *Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. Also available to Existing Customers with LTV >95% (no additional borrowing). 14
EVERYDAY BUY TO LET RATES PRODUCT TRANSFER > Flexible features your clients can make overpayments and apply for payment holidays (subject to criteria)* which can be useful to offset rental voids > No documentation required unless you ve requested changes or additional borrowing > No valuation or legal fees. If you enter an estimated valuation we may have to charge a fee to validate your estimate. We will always let you know in advance of instructing a valuation if a fee were to be applicable Everyday 995 Fee Options Max LTV Reverting Until Early Repayment Charge 60% 1.79% (BoE + 1.29%) Following the period, the 70% 2.14% (BoE + 1.64%) loan will revert to Virgin Money s Buy To Let Variable (currently 4.99%) for 75% 2.24% (BoE + 1.74%) the life of the loan 1% of the balance until *Flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. 15
VALUATION FEES PURCHASE AND REMORTGAGE Valuation/Purchase price Basic Valuation Report fee HomeBuyers Report fee Up to 60,000 112 270 60,001-100,000 132 311 100,001-150,000 163 352 150,001-200,000 188 398 200,001-250,000 214 444 250,001-500,000 275 510 500,001-750,000 331 561 750,001-1,000,000 377 612 1,000,001-1,500,000 510 817 1,500,001-2,000,000 663 1,021 2,000,001-2,500,000 817 1,225 2,500, 001-3,000,000 970 1,531 Over 3,000,000 By negotiation By negotiation For residential remortgages on properties over 3m, Virgin Money will negotiate the cost of the valuation report with our suppliers. We will pay the first 970 of the valuation report fee and any amount above this must be paid by the client. The Basic Valuation Report fee includes the VAT charged to Virgin Money by the valuer. The HomeBuyers Report fee is made up of two elements: > The Basic Valuation Report fee (as above) > The additional cost of the HomeBuyers Report, on which VAT is charged to the applicant Please note, the valuation fee(s) above are based on the actual property valuation. For Custom Build mortgages, the valuation fee is 557. For product transfers, we do not charge a valuation fee as part of our standard application process. However, if you enter an estimated valuation we may have to charge a fee to validate your estimate. We will always let you know in advance of instructing a valuation if a fee were to be applicable. MAXIMUM LTV LIMITS PURCHASE AND REMORTGAGE Maximum loan to value Residential Purchase Residential Remortgage BTL Purchase and Remortgage Valuation or purchase price, whichever is lower 0-500,000 500,000+ Interest Only 70% 70% Repayment 95% 80% Interest Only 70% 70% Repayment 90% 80% Interest Only 75% 75% Repayment 75% 75% LENDING POLICY For full details of our lending policy, please visit the intermediary website or download our A-Z Lending Policy App and get instant easy access to our policy on the go. 16
MORTGAGES THAT OFFER MORE Flexible features Life is full of change, which is why all our mortgages come with flexible features, allowing your clients to choose whatever works for them at the time. Please note, flexible features are subject to Virgin Money s agreement and the terms and conditions of your client s mortgage. Overpayments Overpayments are a great way for your clients to reduce the amount they owe, save interest and potentially repay earlier than planned. They are available on both our Residential and Buy To Let mortgages: > Everyday products overpayments of up to 10% of the outstanding balance per calendar year, with no Early Repayment Charge. > Flexible products unlimited, charge-free overpayments can be made regularly or as a lump sum, providing the loan is not redeemed in full. Payment holidays From parental leave to emergency boiler repairs, payment holidays are a great way for your clients to free up some money when they need it most. Again, they are available on both our Residential and Buy To Let mortgages: > For every nine consecutive full mortgage payments, your client can arrange one payment holiday and up to a maximum of three payment holidays after 27 consecutive full payments. > Interest will still be charged during the month of the payment holiday, and a payment holiday will increase the outstanding balance on which future interest charges are calculated. > Payment holidays will be allowed based on your client s ability to repay the revised total mortgage balance and the new monthly payment based on their circumstances at the time. Underpayments and borrow back Another useful feature of our Flexible products is the option to make an underpayment, or borrow back previous overpayments: > If your client has made overpayments, they can apply to make a lower monthly payment or stop their monthly payment until the overpayment is used up. > They can apply to borrow back some or all of the overpayments they have made ( 500 minimum). Any money they borrow back is charged the same rate of interest as their mortgage. Portable products All mortgages within our current range are fully portable, allowing clients to transfer their rate to their new property and take their Virgin Money mortgage with them. > If they need to borrow an additional amount for the new property, they can apply for any new product available at the time that is within the same product family as their main loan, e.g. Everyday or Flexible. > Clients can also take on a completely new product for the whole loan of their new property. Please note, an Early Repayment Charge may apply, subject to the original mortgage terms and conditions. For more information, please visit the intermediary website. switching Once your client s application is submitted, we will reserve funding for their chosen mortgage on the product selected. If your client wishes to change products, their subsequent choice must come from the same product range. Your client will not be able to switch to a product from a previous or later range. Additional fees All residential and BTL mortgages are subject to a non-refundable 99 application fee unless stated otherwise. The 99 application fee has been waived from all products for a limited period. For full details of our mortgage fees, please visit the intermediary website and view the Tariff of Mortgages. Free valuation and legals All our standard residential remortgages come with a free basic valuation on properties under 3m and free legal work from our panel of approved solicitors. Please note a physical valuation may not be instructed on all remortgage cases. Purchase clients will be required to pay the valuation fee and cover their legal fees. For full details of the valuation fee scale, please see page 16. Cashback From time to time we may offer a cash incentive on completion for selected products to help your clients with the costs related to buying a new property. The cashback incentive is not available to customers who are porting, including when taking additional borrowing. Loyalty discount Once a customer has had their residential mortgage with us for seven years, a Loyalty Discount is available provided that they do not continue to benefit from a special rate (such as a product discount, a Guaranteed, or ) or other product benefit (such as a cashback) and they are not within an Early Repayment Charge period. The Loyalty Discount will be at least 0.25% off Virgin Money s Standard Variable for the rest of the life of the loan. The Loyalty is 4.54% (effective from 1 December 2017 for existing customers). If a customer moves home and takes a new mortgage product with Virgin Money (or they transfer their existing mortgage to their new home) they will lose the benefit of any time that has accrued towards the calculation of the seven years. Virgin Group discounts As a Virgin Money Intermediary Partner, you can enjoy a range of offers from across the Virgin Group. And don t forget to tell your clients they can take advantage of these offers too when they become a Virgin Money customer. 17
SUBMITTING BUSINESS Virgin Money Online (VMO) All applications can be submitted via VMO, which allows you to complete case details without being connected to the internet. Once your case is submitted you can keep up to date with its progress through our email update service and improved case tracking facilities. Our case management services also provide a range of archiving and storage options to meet your compliance needs. For Custom Build mortgage applications, talk to your dedicated Business Development Manager. Porting applications with additional borrowing where the additional borrowing is on a separate product to the main mortgage loan must use a paper application. For details of how to install VMO onto your desktop or laptop, please visit our website. Mortgage Trading Exchange (MTE) Virgin Money offer full form submission for mortgage applications via the Mortgage Trading Exchange (MTE). Supporting documents We know that no one likes to waste time on unnecessary administration, especially when you could be spending that time with your clients. So, please scan and send all supporting documents to docs@virginmoney.com for new business applications and ptdocs@virginmoney.com for product transfer applications. Please remember to include the 8-digit mortgage/case number in the subject field of your email to us. Or you can post these to: Mortgage Processing Virgin Money plc Jubilee House Gosforth Newcastle upon Tyne NE3 4PL If we do not receive supporting documentation, this could cause delays. Sending additional documents we haven t requested may also cause delays. GETTING IN TOUCH Our website Our easy-to-use website with a handy Q&A section is a great first step, whatever stage your application is at. You will also find a comprehensive guide of our lending policy here. Just visit virginmoneyforintermediaries.com Depending on your query, here are all the other ways to get in touch: VMO Case Tracking Get the information you need without having to make a call. Case Tracking allows you to see everything available to our BDMs, and with updates through VMO and by email three times a day, you will always know what stage your application is at. Regional Service Team For any queries before submitting an application, please call your dedicated Regional Service Team. For VMO support, IRS queries or Transfers call your Regional Service Team and select the relevant option: New Build 0345 600 1477* North 0345 600 1706* South 0345 601 0680* East 0345 606 0301* West 0345 605 7025* or fax us on 0345 603 5885. They are here from 8.30am to 6pm, Monday to Friday, excluding Bank Holidays. Procuration Fee For any questions about your Procuration Fee, please email: procuration.fees@virginmoney.com * Calls to 03 numbers cost the same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. Calls may be monitored and recorded. And your dedicated Business Development Manager is always around to help. For professional Intermediary use only. This description of Virgin Money s mortgages is directed at professional intermediaries who are authorised or exempt by the Financial Conduct Authority. The products described in this guide are available, through professional intermediaries only. This is not a financial promotion and should not be displayed as such. People who do not have professional experience of mortgage products should not rely on this guide. Virgin Money plc Registered in England and Wales (Company No. 6952311). Registered Office Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. VMP90V164 (Valid from 28.11.17) 18