Virgin Money has updated its lending policy to include a wider range of benefit income types in its mortgage affordability assessments.
The types of benefit income now accepted are: Adult Disability Payment, Carer’s Allowance, Child Benefit, Child Disability Payment, Child Tax Credits, Disability Living Allowance, Disabled Person Tax Credits, Employment and Support Allowance, Incapacity Benefit, Independent Living Fund, Personal Independence Payment, Reduced Earnings Allowance, Universal Credit, War Disablement Pension, and Working & Family Tax Credit.
Virgin Money said that if either applicant’s total gross income is over £60,000, Child Benefit cannot be included as income.
They also stated that at least one applicant must be in receipt of earned income and any housing benefit shown on the Universal Credit award letter should be deducted from the income.
