Virgin Money for Intermediaries has raised its maximum mortgage loan size from £1 million to £2 million.
The bank is the latest lender to enter the large mortgage loan market and target wealthier borrowers following Coventry's announcement last month.
Applicants looking for larger loans will be able to take Virgin's newly launched two and five-year fixes providing they have a 25% deposit. The maximum income multiple will be four times salary for mortgages over £500,000.
The mortgages are available on an interest-only basis, and the sale of the property is accepted as a repayment vehicle on a case-by-case basis. Please note, the maximum income multiple will be limited to 3.5 times salary for interest-only mortgages.
Aaron Strutt, product director at Trinity Financial, says: “If you are self-employed or running a limited company, it will need to have been operating for at least three years and Virgin Money will take the average of the latest two years' figures.
“When a £1 million+ mortgage is submitted to Virgin Money an underwriter will assess the case within 24 hours. The bank provides a service guarantee and £100 compensation to the applicant if a correctly packaged application is not offered within ten working days. There is a standard £1,495 arrangement fee.”
To secure a £1 million+ mortgage rate call Trinity Financial or email on 020 7016 0790