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#ContractorMortgages

Specialist contractor mortgage brokers in the UK.

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Virgin Money Mortgages

In late 2013, Virgin Money (then known as Northern Rock) started accepting mortgage applications from UK Contractors. Since then, they were seen as "contractor friendly mortgage lender", however their brand took a hit during the credit crisis, and were not considered to be a preferred destination for contractors looking for mortgages.

That was 2013, since then, things have changed and they've been working hard to get it right. They've reviewed their mortgage offerings and their mortgage lending criteria has become more stringent than ever. Their mortgage lending criteria aren't that steady, and they change from time to time.

That was 2013, since then, things have changed and they've been working hard to get it right. Virgin Money has reviewed their mortgage offerings and their mortgage lending criteria have become more stringent than ever. Having said that, their mortgage lending criteria aren't that steady, and they change from time to time.

They've 2 separate mortgage lending criteria: 6 Month Mortgage Criteria and 12 Month Mortgage Criteria.

Mortgage Lending Criteria for a 6 Month Contract

  • 50% of the time should be remaining, i.e. 3 Months should be remaining on your current contract. If you don't have 3 months remaining on your contract then, you will not to show some evidence in the form of a new 6 month contract / renewal
  • They only allow a gap of up to 2 months, and you need a continuous employment of 24 months in the same industry
  • Virgin uses your gross annualised contract rate to determine your mortgage affordability, i.e. the calculation looks like this: Daily Rate x 5 working days x 46 weeks

Mortgage Lending Criteria for a 12 Month Contract

  • 50% of the time should be remaining, i.e. 6 Months should be remaining on your current contract. If you don't have 3 months remaining on your contract then, you will not to show some evidence in the form of a new 12 month contract / renewal
  • They only allow a gap of up to 2 months, and you need a continuous employment of 24 months in the same industry

You don't need to worry, if you feel that you don't exactly fit their lending criteria. Simply get in touch with us and tell us your requirements, and we may be able to negotiate an 'exception' for you.

All this may look fine, if you are an Umbrella Company Contractor. But, if you are a Limited Company Contractor, things can become a bit complicated when it comes to proving your income and mortgage affordability.

Per the latest update, Virgin Money are simplifying their lending criteria for assessing limited company contractors' mortgage affordability. Their lending criteria has started recognising contractors and freelancers' income as a stable source of income.

If you need help with Virgin Money Contractor Mortgages, please get in touch with us. Other contractor friendly lenders you may want to look at: Contractor Mortgages from Halifax and Clydesdale Bank Contractor Mortgages.

Contractor Friendly Mortgage Lenders

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YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE