Virgin Money makes positive changes to lending policy

Published on

Virgin Money has made changes to its mortgage lending policy in order to make it easier to be eligible for one of their products.

The lender can now use 100% of income from second jobs, where it has been received for at least 12 months. Until now, Virgin Money used 50% and needed two years of employment history.

In addition, it is now easier to deal with contractors’ contracts. Virgin Money now only needs to see a contractor’s contract renewal if there’s less than one month left on it; this previously used to be three months.

Meanwhile, for people in probation, Virgin Money now only needs a copy of their contract, plus a payslip, to prove that it is permanent. It used to require either proof of two-years’ employment, or an employer letter.

Craig Calder, head of secured lending at Virgin Money said: “We constantly look for ways to improve our mortgage business and the latest changes to our lending policy will make it is easier to get a mortgage with Virgin Money.

“The application process for contractors or those who are in a probationary period in a new role will be far simpler, and we’re able to say yes to more customers who have income from a second job.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Borrowers lean towards short-term deals as rate cuts loom, says Family Building Society

A growing number of UK mortgage borrowers are shunning five-year fixed deals in favour...

ModaMortgages offering zero fee options at 80% LTV

ModaMortgages has broadened its buy-to-let range by introducing new £0 fee products at up...

Fleet Mortgages unveils £1,000 cashback and rate cuts on HMO buy-to-let products

Fleet Mortgages has announced fresh rate reductions across its five-year fixed-rate HMO and multi-unit...

Coventry for intermediaries reduces residential and buy-to-let fixed rates

Coventry for intermediaries has announced rate reductions across selected fixed mortgage products, offering brokers...

Other news

Borrowers lean towards short-term deals as rate cuts loom, says Family Building Society

A growing number of UK mortgage borrowers are shunning five-year fixed deals in favour...

ModaMortgages offering zero fee options at 80% LTV

ModaMortgages has broadened its buy-to-let range by introducing new £0 fee products at up...

Fleet Mortgages unveils £1,000 cashback and rate cuts on HMO buy-to-let products

Fleet Mortgages has announced fresh rate reductions across its five-year fixed-rate HMO and multi-unit...
Advertisement