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Virgin Money improves mortgage lending criteria


The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about this product should visit our mortgage pages for full terms and conditions.

  • Improved lending policy for contractors earning over £50,000
  • Increased LTV limits on residential applications, where the customer holds other mortgages
  • Package of enhancements for Portfolio Landlords

Virgin Money has further enhanced its residential and buy-to-let propositions across a number of policy areas. The changes come into effect today (Thursday 21 March).

Lending to contractors:

Contractors earning over £50,000 per annum will now be considered if they can evidence 12 months contracting experience, or a two year track record employed in the same line of work. If not, they will be assessed on a self-employed basis.

Residential applications, where the customer holds other mortgages:

The maximum LTV has increased to 90% where a customer holds another residential mortgage (e.g. second/holiday home), provided the new property is the main residence.

Standard LTV policy rules will now apply where a customer is named on a Buy-to-let mortgage.

Portfolio Landlord Buy-to-let policy changes:

  • The maximum LTV allowed on the existing portfolio has increased from 70% to 75%.
  • The aggregate rental cover requirement of the existing property portfolio has reduced from 145% to 135%, calculated at an interest rate of 5%.
  • The speed of property portfolio growth restriction has been removed.

Andrew Asaam, Director of Mortgages at Virgin Money, said: “We regularly review our lending policy, taking into account feedback from our intermediary partners to look at where we can make a positive difference. This latest round of changes demonstrates our commitment to improving choice for customers across all segments of the mortgage market, making it easier for intermediaries and their customers to do business with us.”

Full details of Virgin Money’s mortgage product range is available at

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Notes to editors

About Virgin Money

  • Virgin Money offers savings, mortgages, credit cards, current accounts, currency services, pensions, investments and protection products to customers across the UK.
  • Virgin Money's business ambition is to make "everyone better off" - this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
  • More than 15,000 charities have registered with Virgin Money Giving and, by the end of 2018, over £700 million had been donated to charities through the service since its launch in 2009, resulting in many millions more being raised for charity because of its not-for-profit model.
  • Virgin Money is a wholly-owned subsidiary of CYBG Group.
Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.