Virgin remove H2B income cap
Virgin’s range of Help to Buy mortgage products include a 2-year fixed rate at 2.85% at 75% LTV with a £995 product fee, a 2-year fixed rate at 3.35% at 75% with no product fee, a 5-year fixed rates at 3.79% at 75% LTV with a £995 product fee and a 5-year fixed rate at 3.90% at 75% LTV with no product fee.
Anthony Mooney, director of financial service, said: “The changes we are making allow Virgin Money to lend to customers with good affordability and an income below £30,000.
“This will play an important part in helping people to get their feet onto the first rung of the housing ladder. Virgin Money is committed to responsible lending in all segments of the mortgage market and this latest change to our mortgage policy demonstrates exactly that.”
In addition to the removal of the £30,000 minimum income threshold Virgin Money will also accept applications from the Welsh government’s Equity Loan scheme and in Scotland where an Authority to Proceed (ATP) has already been obtained.