fbpx

Virgin updates new build policy

Mortgage Introducer

June 11, 2015

Incentives greater than 5% will be deducted from whichever is lower from the purchase price or valuation to assess the maximum loan to value.

Virgin will also enable the purchase of a customer’s existing residence by a builder or developer under a part-exchange scheme as part of a mortgage application.

Peter Rogerson, Virgin Money’s commercial director for mortgages, said: “New build is an important segment of the housing market that Virgin Money is keen to support.

“Following engagement with a number of large builders and specialist new build mortgage intermediaries, we have made these enhancements to our mortgage policy to provide additional flexibility for people buying a new build property.”

Virgin has also changed its offer extension policy, as there will be an option to extend open offers to 12 months where the construction is not completed.


Sign up to our daily email