It also eases its lending policy on shared ownership
Virgin Money has made some changes to its lending policy regarding affordability and shared ownership, effective immediately.
The lender has increased its maximum loan-to-income (LTI) limit to 5.5 times for capital and interest (C&I) applications up to 80% LTV, where the applicants are employed, and the total sole or joint income is £100,000 or more. The LTI limit was also increased for C&I remortgages with no additional borrowing up to 85% LTV, where the total sole or joint income is £50,000 or more.
The increased LTI limit does not cover shared ownership, though the lending policy on shared ownership has also been improved, according to Virgin Money.
The lender now accepts shared ownership flats up to 95% LTV whatever the storey height, including new builds. Previously, the LTV for flats was limited based on storey height.
Full details of Virgin Money’s lending criteria, reflecting the latest changes, can be viewed on its website.
