Virgin Money will now lend up to 5.5x income after announcing changes to its lending criteria.
The lender has increased its maximum loan to income limit to 5.5x for the following cases:
- C&I applications up to 80% LTV where the applicants are employed and the total income (sole or joint) is £100,000 or more.
- C&I remortgages with no additional borrowing up to 85% LTV where the total income (sole or joint) is £50,000 or more.
The new LTI limits exclude shared ownership. However, Virgin has improved its shared ownership proposition and will now accept 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.
In addition, following the increase in the Bank of England Base Rate to 3.50% yesterday, Virgin has increased its tracker mortgage rates.
The updated tracker rates reflect the change to the Bank of England Base Rate with no change to Virgin's tracker differential.
