Virgin Money Intermediaries announce lending criteria changes
Virgin Money Intermediaries today announced a range of changes to its lending criteria.
Loan to income multiples for customers who earn more than £100,000 per annum and those with properties over £500,000 have been increased to up to x5.
In addition, customers no longer need to provide a P60 to support non-variable income as only the last two monthly payslips will be required to evidence income.
It has also made improvements to its property criteria. Restrictions have been removed for properties over or adjacent to commercial premises* and on flats outside of London with more than 10 storeys**. In addition, seven storeys are now allowed for ex-local authority flats.
Virgin Money Intermediaries also announced it has improved its new build cash incentive policy and it will now accept cash incentives of up to 1% of the property value (max £5,000) for loans above 85% LTV.
Sarah Green, Head of Virgin Money Intermediaries, said:
“We want to help more of our intermediary partners’ clients find their perfect home or a better mortgage deal and we hope the changes we’ve announced today demonstrate our commitment both to brokers and to their clients.”
**Maximum LTV 80%
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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 provides award-winning customer service through a range of channels including digital (online and mobile), intermediaries, contact centres and a national network of Stores and customer Lounges.
- 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 donated to charities because of its not-for-profit model.
- Virgin Money is a wholly-owned subsidiary of CYBG Group.
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