Virgin Money has announced an important product update for advisers. Virgin Money products and support with the lender, including same day payment on completion, is all available accessible through our direct to lender mortgage club. Contact us for more information.
ANNOUNCEMENTS
We’re withdrawing products
We wanted to let you know that we’re making some changes to the following products at 8pm today.
Core
- All 95% LTV fixed rates will be temporarily withdrawn for new customers.
- All Help to Buy fixed rates will be withdrawn for new customers.
Product Transfer
- Selected Help to Buy rates will be increased by up to 0.15%.
We’ve made the decision to temporarily withdraw our 95% LTV range for new customers as we review our homebuyer proposition and monitor market conditions. Our 95% LTV range remains available to existing customers for product transfer.
If you’re applying for one of these products on behalf of your customer, please send us the application as soon as possible.
WE’VE IMPROVED OUR BTL LENDING CRITERIA
Simplifying our personal income requirements
We’ve removed our minimum income requirement for interest coverage ratio (ICR) assessed buy-to-let applications. Just so you know, we still need you to input all the customer’s income in the application.
Where personal income is used for affordability, we still require a minimum personal income of £50,000, not including income received from buy-to-let properties.
Up to five buy-to-let properties in the same postcode
Portfolio landlords can now have up to five buy-to-let properties in the same post code, such as G1 2HL. Previously this was restricted to a postcode area, for example G1. This restriction does not apply if the application being submitted is a remortgage with no additional borrowing.