How long will it take
We want to process your application as quickly as possible for you. If we receive everything we need to support your application, we will aim to issue your offer within 2 weeks. Unfortunately we can’t control your solicitors timescales, therefore we are unable to give an exact timeline. But to set a reasonable expectation, you should allow at least 12 weeks.
What is the process?
- Download and complete the form
You need to download and complete a change of parties form and send it to us along with the relevant information noted on page 2 of the form. Please note, only the parties remaining on the mortgage are required to complete this form.
- Download residential form Link opens in a new window (PDF, 221KB)
- Download buy to let form Link opens in a new window (PDF, 213KB)
- Credit check and income verification*
When we receive your form we will run a credit check and verify your income, just as we did for your initial mortgage application. This is to ensure we continue to lend responsibly and the mortgage will remain affordable.
If we need additional information or documents to support our decision, we will request this from you. We will send you a mortgage ‘illustration’ showing the changes you have requested. However we will still need to assess your application fully, and we will confirm our decision to you in step 3 ‘Offer’ below.
*Our Underwriters will call, text and email you throughout your application to keep you updated. Sometimes we may need to book a telephone appointment to speak to you, which will be arranged at your convenience.
Once we have received all of the relevant information and if we agree to the change of parties, an Offer will be sent to you. This must be signed and returned to us and you will be required to pay your application fee at this stage.
- Instructing your solicitor
Once you have accepted the offer and paid any fees, we will send the instructions to your solicitor. They will arrange for the relevant documentation to be drawn up and we will work with them to complete your application. We will text you every 2 weeks to keep you updated.
The solicitor you instruct must be on Virgin Money’s approved panel. We will check this for you as part of the application, however if you are unsure and would like details of solicitors who are on our panel please call 0345 602 8301 (option 2) and we will be happy to provide these.
Following the work with your solicitor, we will send you confirmation of the successful completion of your change of parties. This will also confirm any changes to your monthly payment if applicable.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Frequently asked questions
The person who wants to stay on the mortgage account and anyone else they may like to add. You will notice there is only room on the form for 2 applicants, if more than 2 applicants are looking to be named, additional forms will need to be requested or downloaded from our website.
We suggest completing court proceedings prior to applying for a Change of Parties due to the length of time we can keep an application open.
Yes, but we will only take their income into consideration.
No, if someone is taken off the mortgage, they can’t live in the property.
No, you need to decide which application you want to do first.