If You Need Anything Further Please Just Let Me Know

I understand you are looking for clarification on the Virgin Money stance on New Build Incentives.

Our policy in this area is below for you and I have also attached our Valuers Guidance notes.

If you need anything further please just let me know.

Incentives Customers buying a new build property may receive an incentive from the Builder or Developer to purchase the property. All incentives must be declared at the time of application or later if these are changed. 11.41.1 Cash Incentives Cash incentives of up to and including 5%of the purchase price are acceptable without impacting the loan amount. Where the value of the cash incentive is greater than 5% the balance of the incentive above 5% must be deducted from the purchase price when calculating the maximum loan. VM Considers cash incentives to include: • Cashback Deals • Stamp Duty Paid • Payment of Professional Fees (Solicitors, valuers, Estate Agents etc). • Guaranteed rental payments for a period after completion.

Gifted deposit from the Builder / Developer (Please note that family gifted deposits are acceptable in line with standard policy and do not need to be deducted from the purchase price when calculating the maximum loan. 11.41.2 Non Cash Incentives The following non cash incentives are acceptable to VM without impacting the purchase price: • White Goods (Where not included as standard specification) • Carpets and Curtains • Kitchen Upgrade (including tiling and worktop) • Bathroom Upgrade • All electric upgrade (i.e. additional sockets, TV points etc). • Turf & Landscaping

11.41.3 Part Exchange Transactions A Part Exchange Transaction is where the builder or developer is purchasing the customers existing residential property. This is acceptable to VM and may be accepted along with Cash Incentives. NB. This does not apply to Help to Buy- Equity Loan Scheme as this is excluded by scheme rules. Full details of Help to Buy – Equity Loans can be found in Paragraph 10.14

11.41.4 Declaring Incentives Incentives MUST be clearly set out in the online DIP or on the application form. If the valuer confirms they have seen the CML Disclosure of Incentives form and has quoted the property value as net of any incentive or discount no further discount applies.