If you have, say a French EASA licence and tick yes to possessing a UK CAA Issued licence, you are effectivly lying, and therefore will be treated accordingly were you to make it further along the application process.
Best to start the transfer of competent authority now, and re apply in 6 months.
The will be recruiting again, once a bunch of guys go to BA.
It Will take about 3 months min for CAA to process, approve and re issued.
However, you could always say yes and hope it takes Virgin 6 months to get around to contacting you, like most airlines in the UK.
