Virgin had paused new lending at the start of last week but has increased its use of desktop valuations to get back to lending.
Virgin Money is relaunching both resi and buy-to-let mortgages after having paused new lending at the start of last week.
The lender has increased its use of desktop valuations and will now be able to extend its core range for properties valued between £80,000 and £500,000.
Virgin will now be lending up to 75% loan-to-value (LTV) with two, three and 5-year fixed rates for residential remortgages and 65% LTV for residential purchase deals with free valuations starting from 1.62%.
On the buy-to-let from purchase deals are available up to 60% LTV with £300 cashback and free valuation starting from 1.45% whilst the remortgage LTV has increased to 60% LTV.
Virgin has also had to make some temporary changes to its lending policy which will see it unable to accept any form of variable income (overtime, commission, bonus). Affordability will only be assessed on basic salary.
Where an employed customer is designated as furloughed, or a self-employed customer has applied for the self-employed income support scheme, their income will not be used in the affordability assessment.
Personal income will not be accepted on buy-to-let applications where there is a rental shortfall between 100% and 145%.
