Virgin Money has made some changes to its lending policy regarding affordability and Shared Ownership.
The Bank has increased its maximum loan-to-income limit to 5.5x for selected cases.
These include C&I applications up to 80% loan-to-value (LTV) where the applicants are employed, and the total income (sole or joint) is £100,000 or more.
The changes also effect C&I remortgages with no additional borrowing up to 85% LTV where the total income (sole or joint) is £50,000 or more.
As well as this, Virgin Money has also introduced improvements to its Shared Ownership policy.
It now accepts Shared Ownership flats up to 95% LTV whatever the storey height, including new builds.
Previously, Virgin’s LTV for flats was limited based on storey height.
These changes are active immediately from today, the 20th of December.
