Virgin Money halts new purchase applications
Virgin Money has suspended all new residential and buy-to-let (BTL) purchase mortgage applications.
The lender has also capped LTVs for its remaining product lines, with residential remortgages at 60% LTV and BTL remortgages at 55% LTV.
According to the firm, the changes have been made in response to the coronavirus pandemic and the lender’s inability to send surveyors out to value properties.
A spokesperson for Virgin Money, said: “Following the latest government COVID-19 guidance, which means valuers no longer carry out physical valuations, we are temporarily suspending mortgage applications for new purchases.
“We will continue to use desktop and automated valuations on remortgage applications where possible, and focus on helping existing customers who are in need of immediate support.”