Virgin Money and Clydesdale Bank have made changes to their mortgage policies to include more property types and ease requirements for self-employed applicants.
Virgin Money now accepts mortgages for studio flats with a minimum of 30 square metres.
Clydesdale Bank has updated its lease term requirements to 85 years at application, with some exceptions.
In addition, Virgin Money has clarified policies on homes near commercial properties, giving valuers more discretion.
The banks have also removed the maximum acreage limit for properties, focusing only on the first two acres for valuations.
For self-employed customers, both banks have simplified the bank statement requirements, needing only the latest month’s statements from various types of business entities.
Customers can submit cases under Clydesdale Bank’s old lease policy until 5pm on 14th September 2023.
