Message from Virgin Money

In February 2015, we made a commitment to offer you a first-class service, with a straightforward lending policy and dedicated support to help you wherever and whenever you need it.

As part of that commitment, we wanted to offer you our perspective on the changes that the Mortgage Credit Directive (MCD) will bring, when it comes into effect on 21 March 2016.

While the MCD brings further change to our industry, our appetite to continue to build our partnership with you, and to grow lending, remains undimmed.

Guiding you through the changes

The link below leads to a guide designed to give you an overview of the MCD, what we think is most useful to know and the approach we are expecting to take in readiness for March 2016. Hopefully this will be helpful to you as you’re working through your own plans for MCD – simply print it off and refer back to it as and when you need to. We’ve also added this document to the useful downloads section of our website.

Our guide to the Mortgage Credit Directive >

Foreign Currency Loans

One key change we are making is to stop offering foreign currency loans. This is because the scale of the MCD requirements for foreign currency loans is significant, but this is a very niche area of the market for us. As we have low demand for these mortgages, we are confident this will have minimal customer impact and it will allow us to focus on our wider mortgage proposition to support our intermediary partners.

If you have any foreign currency applications in the pipeline, please submit these before 20 October 2015.

We hope our guide to the MCD will help you prepare for the changes and we look forward to working with you closely over the coming months.

If you have any questions, please get in touch with your Business Development Manager who will be happy to help.

Yours sincerely

Peter Rogerson
Mortgages Commercial Director

Richard Tugwell
Director of Intermediary Relationships