Virgin Money have made updates to their 90% LTV deals and changed their maximum loan-to-income.
From Thursday 4 March, 90% LTV deals will be made available to next-time buyers and remortgage customers along with first-time buyers.
All of their 90% LTV deals will be available up to a maximum property value of £500,000, with a maximum term of 30 years, and will not be applicable for flats, maisonettes or new builds.
Virgin Money’s 90% LTV FTB intermediary exclusive with £1000 cashback will now also be made available to next-time buyers.
Virgin Money are also reducing their maximum loan-to-income to 4.49x where the LTV is more than 80%.
This excludes remortgage applications with no additional lending, and their existing loan-to-income cap of 4.49x where the LTV is more than 85% remains in place.
Virgin Money will also be increasing the maximum loan-to-income for all interest-only and part and part applications to 4.49x.
In addition to basic pay, 100% of pension and allowable benefit income will be used in the loan-to-income calculation.
DIPs submitted after 8pm on Wednesday 3 March will be assessed using their new policy and customers already in the pipeline will not be affected by this change.