News

Changes to loan-to-income and 90% LTV deals

02 March 2021

We’ve got good news about our 90% LTV deals and an update on changes to our loan-to-income policy.

Helping more customers with our 90% LTV deals

On Thursday 4 March, our 90% LTV deals, currently only for first time buyers, will be made available to next time buyers and remortgage customers. All our 90% LTV deals will be available up to a maximum property value of £500,000 and with a maximum term of 30 years. They’re not available for flats, maisonettes or new build.

Changes to maximum loan-to-income

On Thursday 4 March, our maximum loan-to-income will be reduced to 4.49x where the LTV is more than 80%. This excludes remortgage applications with no additional lending and our existing loan-to-income cap of 4.49x where the LTV is more than 85% remains in place.

At the same time, we will increase the maximum loan-to-income for all Interest Only and Part and Part applications to 4.49x.

In addition to basic pay, 100% of pension and allowable benefit income will be used in the loan-to-income calculation.

DIPs submitted after 8pm on Wednesday 3 March will be assessed using our new policy. Customers already in the pipeline will not be affected by this change.

We want to help

If you have any questions, just get in touch with your dedicated Business Development Manager, who’ll do everything they can to help.

The team at Virgin Money

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