"The application process for contractors or those who are in a probationary period in a new role will be far simpler, and we’re able to say yes to more customers who have income from a second job."
- Craig Calder, head of secured lending at Virgin Money
Virgin Money has announced a series of changes to its mortgage lending policy.
As part of the enhancements, Virgin can now use 100% of income from second jobs, where it has been received for at least 12 months. Previously, the lender used 50% and needed two years of employment history.
It has also enhanced its policy for contractors, and now only needs to see a contractor’s contract renewal if there’s less than one month left on it, down from three months previously.
In addition, Virgin has made it easier for people in probation, now only requiring a copy of their contract, plus a payslip, to prove it’s permanent. Virgin used to require either proof of two-years’ employment, or an employer letter.
Craig Calder, head of secured lending at Virgin Money, said: “We constantly look for ways to improve our mortgage business and the latest changes to our lending policy will make it is easier to get a mortgage with Virgin Money.
"The application process for contractors or those who are in a probationary period in a new role will be far simpler, and we’re able to say yes to more customers who have income from a second job.”
