Virgin Money Mortgage

[Freelancer Financials]

7of9

I can also confirm that Clydesdale, Halifax and a number of other lenders can also accept your application. But Virgin is the most competitive for what you're looking for.

Sometimes when you go multiple brokers, you get different stories, which can be confusing and sometimes misleading. Like I said, it's a mortgage brokers responsibility to find you the most competitive rate on the market based on your circumstances and requirements. Not to take you to a lender purely because their criteria is simpler and their underwriting process easier.

I hope this helps.

[7of9]

Virgin Money has offered contractor mortgages for several years. Their interest rates at the moment are on top of the best buy tables.

Their policy states that at least two years’ contracting history is the minimum lending criteria. They do use more stringent guidelines when appraising an applicant’s affordability but if you meet their criteria, their 5 year fixed rates are unbeatable.

They only accept contractors who are on a minimum contract of 6-months. There is a list of check-boxes you must tick if you’re on a 6-month contract. Then a similar set of criteria targeting those on 12-month contracts.

Mortgage Criteria for a 12-Month Contract:

1. your current contract must have at least 6 months remaining to run;
2. you need to provide 24 months contracting history
3. provide copies of your previous contracts for the past two years.
4. your CV must prove continuous employment on this basis; i.e., no more than a 2 month gap between
contracts;

Thanks John, what do you mean by "two years’ contracting history is the minimum lending criteria". I guess its not items 3 on the list. So is it the 2 year company account I was worrying about?

[Freelancer Financials]

Thanks John, what do you mean by "two years’ contracting history is the minimum lending criteria". I guess its not items 3 on the list. So is it the 2 year company account I was worrying about?

Hi 7of9, Sorry, I thought it was pretty self explanatory. I'm referring to being assessed on your contract rate, Not two years Accounts. Like I said, Virgin need a minimum of two years continuous contracting history. So Yes, I am referring to item 3 on my list.

[7of9]

Hi 7of9, Sorry, I thought it was pretty self explanatory. I'm referring to being assessed on your contract rate, Not two years Accounts. Like I said, Virgin need a minimum of two years continuous contracting history. So Yes, I am referring to item 3 on my list.

Thank you very much for the clarification. I have decided to use Freelancer Financials as my broker based on your confidence in my application. I will be in touch shortly.

[Mark McBurney@CMME]

I'd add to what John has said above; Virgin Money are an extremely cost effective lender if you can access them.

Unfortunately their criteria for being assessed on day-rate isn't the most flexible so the reality is very few people that I speak with are, but provided you've not had anything other than either a six or twelve month contract for the past two years' and you've got half of that to run at present, they could be a perfect fit!

Good luck

[7of9]

I'd add to what John has said above; Virgin Money are an extremely cost effective lender if you can access them.

Unfortunately their criteria for being assessed on day-rate isn't the most flexible so the reality is very few people that I speak with are, but provided you've not had anything other than either a six or twelve month contract for the past two years' and you've got half of that to run at present, they could be a perfect fit!

Good luck

Thanks Mark. John is very confident that they will definitely use my daily rate to assess my application, not my two years account. So fingers crossed!

[Freelancer Financials]

I'd add to what John has said above; Virgin Money are an extremely cost effective lender if you can access them.

Unfortunately their criteria for being assessed on day-rate isn't the most flexible so the reality is very few people that I speak with are, but provided you've not had anything other than either a six or twelve month contract for the past two years' and you've got half of that to run at present, they could be a perfect fit!

Good luck

Hi Mark, no luck required, 7of9 is in the best hands! Have a great weekend.

[acted]

Mark, your point about having to have anything other than 6 or 12 month contracts throughout the 2 years history is this true?

Looking at the website I thought your current contract had to be six months. Does not say anything about historical contracts as long as you can prove 2 years contracting?

E.g. 3 months, 3 months, 3 months, 3 months, 6 months and 6 months

[Mark McBurney@CMME]

Mark, your point about having to have anything other than 6 or 12 month contracts throughout the 2 years history is this true?

Looking at the website I thought your current contract had to be six months. Does not say anything about historical contracts as long as you can prove 2 years contracting?

E.g. 3 months, 3 months, 3 months, 3 months, 6 months and 6 months

Hi Acted,

That's been our experience with Virgin Money. They made big noise when entering the contractor market, and said that they understood how it all worked, which seemed great, but this was one of the oddest quirks which means that they often don't fit. As I said above, if they do fit, or if your overall case is good enough that there may be some leeway (not particularly often) then they're very good value at the moment.

I even had someone who had a seven month contract previously. That was turned down. Farcical!

[7of9]

submitted my applicaiton to Freelancer Financials on 17/02/2015. more update to follow for those are interested in VM.