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Virgin Money changes their interest-only lending policy

Tags: Interest-only mortgages, Market-Matters, Residential mortgages

Dec 09 2013

Virgin Money is making significant changes to its interest-only lending policy from 9 December. As a result of the changes, their interest-only mortgages will typically be available to more wealthy clients.

Previously the lender had an attractive interest-only policy especially for first-time buyers. However, this made them more attractive and they received more applications than they wanted.

In order to qualify for interest-only, the current minimum loan size of £300,000 will be removed and a minimum property value of £500,000 will be introduced. Virgin Money will also expect applicants to earn at least £100,000 and first- time buyers will have to take a capital repayment mortgage.

December 6, 2013

As seen in

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Virgin Money changes their interest-only lending policy

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