Virgin Money: Your Path to Easy Contractor Mortgages
Virgin Money is a leading UK financial services provider, offering tailored mortgage solutions, alongside savings accounts, credit cards, and insurance. Known for its customer-friendly approach, Virgin Money aims to make mortgaging simple and straightforward. Specialising in mortgages for contractors with unique income structures, they understand that contractors don’t always have regular payslips. Instead, they assess your contract and calculate how much you can borrow based on your daily or hourly rate. With competitive rates and a focus on excellent service, Virgin Money is a popular choice for many across the UK.
Why Virgin Money is a Great Option for Contractors
Virgin Money stands out by understanding the unique financial needs of contractors and self-employed individuals. Unlike traditional lenders, they don’t rely solely on standard payslips or tax returns. Instead, they consider your contract rate, making it easier for contractors to secure a mortgage. Virgin Money offers flexible mortgage options, competitive interest rates, and a straightforward application process. Their focus on customer service ensures that you receive support tailored to your specific situation, helping you find the right mortgage for your needs.
Essential Checklist for Securing a Clydesdale Bank Contractor Mortgage
If Virgin Money seems like a good fit, we at Contractor Mortgage Solutions can help with your application. Here’s what you need to know:
Contract Requirements
- At least 24 months’ experience in the business.
- A minimum of one month remaining on the current contract term.
Income and Currency
- Virgin Money calculates income based on a 46-week period, adjusted for daily rates.
- Only domestic currency is accepted.
Documentation for Limited Company Contractors
- Latest three months’ personal bank statements.
- Contracts from the previous 12 months.
- Business bank statement.
Documentation For Umbrella Contractors
- Latest three months’ personal bank statements.
- Contracts from the last 12 months.
- Three months’ worth of umbrella payslips.
Documentation for Payee Contractors
- Latest three months’ personal bank statements.
- Contracts from the previous 12 months.
Contracts Gaps and Earnings
- Virgin Money requires a near-perfect credit history, with no bankruptcies, IVAs, or CCJs in the last six years.
- No minimum income is required to apply.
By meeting these criteria, you can benefit from Virgin Money’s swift processing times and secure the mortgage you need.
Our Relationship with Virgin Money
We work directly with Virgin Money’s senior underwriters to assist with contractor mortgages. This direct relationship ensures that your application is handled by experts who understand the specific challenges faced by contractors. We’ve helped hundreds of applicants, meaning we can submit your application accurately with the required documentation, avoiding delays. Usually, we can secure a Mortgage in Principle within 24 hours. After that, the full application typically takes around three days, with completion in two to four weeks. Our strong relationship with Virgin Money ensures a smooth application process.
FAQ’S
What types of contractors can apply for a Virgin Money mortgage?
Virgin Money offers mortgages to various types of contractors, including those working through limited companies, umbrella companies, or PAYE (Pay As You Earn) arrangements. They particularly cater to day rate contractors and self-employed individuals with a stable work history.
Are there any specific credit history requirements for applying with Virgin Money?
Yes, Virgin Money requires a near-perfect credit history. This means no bankruptcies, Individual Voluntary Arrangements (IVAs), or County Court Judgements (CCJs) within the last six years.
Is there a minimum income requirement for Virgin Money contractor mortgages?
No, Virgin Money does not have a minimum income requirement for their contractor mortgages. This flexibility allows contractors with varying income levels to apply.
How does Virgin Money handle gaps in contracts or inconsistent earnings?
Virgin Money understands that gaps between contracts and inconsistent earnings are common for contractors. They focus on the overall stability of your income and experience, rather than just a consistent income stream, using your contract history and daily rates to assess eligibility.