Mortgages

TML and Virgin stop residential applications

Rozi Jones
|
27th March 2020
Virgin Money
"We have had to take a difficult decision and temporarily suspend new purchase applications."

Virgin Money and The Mortgage Lender are the latest to suspend residential purchase applications in light of Covid-19.

Virgin will continue to offer residential remortgages up to 60% LTV and buy-to-let remortgages up to 55% LTV.

TML's buy-to-let applications are unaffected because its funding is not dependent on capital markets. The lender says it is also exploring further use of desktop valuations in view of the government’s social distancing instructions.

In a statement on its intermediary website, Virgin said: "We have seen valuation panel managers across the industry stop all physical valuations. While Virgin Money continues to use AVMs and desktops wherever possible for remortgage business, we have had to take a difficult decision and temporarily suspend new purchase applications."

Peter Beaumont, deputy chief executive of TML, said: “It is right for us to pause residential applications at this time.

“Our staff are focused on supporting our customers and business partners in the coming weeks.

“All staff are now working remotely and we are collaborating to maintain health and wellbeing as we get used to new ways of working.

“Our teams are also actively supporting customers who are impacted by Covid-19 at this challenging time. We are continuously reviewing our forbearance policies to make sure we are doing everything we can, this includes the option of payment holidays for up to three months, in line with the recent government announcement.

“We will provide regular updates for our customers and partners over the coming weeks.”

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