Mortgage News
Virgin Money expands new build cash incentives to 90 per cent LTV
Virgin Money will now accept new build cash incentives up to 90 per cent loan to value (LTV), up from 85 per cent previously.
The change comes into effect from today.
The lender will now accept new build cash incentives of five per cent of the purchase price up to the higher LTV tier.
This includes cashback deals, stamp duty contributions and payment of professional fees.
It added that it will also accept non-cash incentives without impacting the loan amount.
Virgin Money has also cut the number of documents its needs to support applications. For instance, it no longer requires a self-employed supplementary for clients who latest accounts are from 2021 or later.
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The lender said that it hoped that this would make packaging cases “quicker and easier for brokers”.