Virgin Money’s mortgages popular with the self-employed

by Aaron Strutt

Nov 20 2015

Virgin Money for Intermediaries provides mortgages to all types of self-employed clients, including limited company directors and sole traders.

The bank classes someone as self-employed if they own their own business, but also if they have a shareholding of at least 20% in a company. Or, they have a shareholding in a Limited Liability Partnership.

Aaron Strutt, product manager at Trinity Financial, says: “Virgin is popular with the self-employed because it will take a company’s net operating profit before tax to generate the maximum loan size.

“The lender specifies that businesses must have been profitable over the last two years and be solvent. It also says the assets much outweigh the liabilities. Virgin will ask to see the last two years accounts or an accountant's certificate to prove income.”

Acceptable income

For a limited company director with more than a 20% shareholding, Virgin Money will expect to receive an accountant's certificate or the last two year’s accounts. 

For sole trader and partnerships, Virgin will also accept an accountant's certificate or the last two years accounts. They can also take the last two years HM Revenue and Customers SA302’s with the corresponding Tax Year Overviews.

For Limited Liability Partnership - they will ask for the last two year’s compensation statements, which provide a breakdown of the clients total remuneration for that particular year.

They will also accept a letter from a human resources or finance director verifying the total remuneration for each of the last two years. Alternatively, the last two year’s HM Revenue and Customs (HMRC) SA302's and corresponding Tax Year Overviews.   

Ten-day mortgage guarantee

In order to ensure an application is accepted, it is important to provide the lender with all of the correct information upfront. We can then be more confident with the initial decision in principle.

If you are looking for a fast mortgage offer, Virgin Money for Intermediaries has taken the unusual step of offering to pay customers £100 cash back if their mortgage offer is not produced within ten working days.

This is on the condition they receive a fully packaged application, including all of the identification, proof of income, and the other requested documents.

For help to secure a self-employed or company director mortgage, call Trinity on 020 7016 0790.