Virgin Money are always looking for ways to make it easier to do business with them, and so they’re pleased to announce some improvements to their lending policy. Please take a look at how they can help you and your clients:
- Maximum residential loan size has increased
Intermediary feedback tells us larger loans would help your clients. Therefore they’ve increased their maximum residential loan size from £1m to £2m and to support this change they’ve launched new mortgage deals:
- 2 and 5 year £1m+ fixed rates at 60% and 75% LTV with a £1,495 fee will start from 1.60%
- Increased LTVs on new build residential houses
Virgin Money continue to support the new build market. And to strengthen this further they’ve increased the maximum LTV from 85% to 90% on new build residential houses. Please note that where the LTV is greater than 85%, cash incentives won’t be accepted.
- 2, 3 and 5 year New Build fixed rates at 90% LTV with a £995 fee and with £300 cashback will start from 2.19%
- 2, 3 and 5 year New Build fixed rate fee saver options at 90% LTV with £300 cashback will start from 2.54%
- For New Build houses up to 85% LTV and flats up to 75% LTV, our existing products remain available.
- Extended new build Offers
That’s not all. They’ve extended the validity period for new build Offers from 6 to 7 months including extension of Offers too i.e. 7+7. Shared Ownership new build Offers remain at 6 months.
- Shared Ownership
Following a successful pilot Virgin Money will now offer shared ownership to all intermediary partners. The shared ownership range will continue to be available for properties located in England only.
- Leasehold properties
They have amended their Leasehold policy with leases now needing an unexpired term of 85 years at the point of application. Previously this was 70 years.
What else do you need to know?
For full details of our new mortgage deals, please view the Mortgage Update.
As well as the policy changes outlined here Virgin Money are also moving to the Clearing Houses Automated Payment System (CHAPS) when releasing funds. All mortgage documentation has been updated to confirm this and customers will be charged the £30 Funds Transfer fee for this service, payable upon completion. For all outstanding Offers, funds will continue to be released as per the solicitor instructions on the returned Certificate of Title (COT). Product transfers with additional borrowing are not affected by this change.
These changes will apply to any Decision in Principle (DIP) from 9am on Monday 9 April.
For full details of Virgin Money’s current lending policy, visit their website or download the A-Z Lending Policy App, and get instant easy access to their policy on the go.
For any other queries you may have, your dedicated Business Development Manager will be happy to help.
