Borrowers who earn more than £100,000 per year and those with properties worth more than £500,000 will now be able to borrow at up to five times their income.
They will also no longer need to provide a P60 in order to prove non-variable income, instead only needing to supply the last two monthly payslips.
Alongside these changes, Virgin has removed restrictions in place on properties over or adjacent to commercial premises, and on flats outside of London with more than 10 storeys.
It will also now accept new build cash incentives of up to one per cent of the property value (up to a maximum of £5,000) for loans above 85 per cent loan to value.
Sarah Green (pictured), head of Virgin Money Intermediaries, said: “We want to help more of our intermediary partners’ clients find their perfect home or a better mortgage deal and we hope the changes we’ve announced today demonstrate our commitment both to brokers and to their clients.”
Reducing rates
Meanwhile Barclays has announced it is reducing rates on a host of fixed rate deals.
The cuts, of up to 0.04 per cent, are taking place across purchase, remortgage and buy to let loans, including on Help to Buy products. The new rates go live on Thursday 5 December.
Alongside the rate changes, Barclays has fully introduced the digital (E-Sign) mortgage deed for remortgage applications across its full range of solicitors.
As a result eligible customers will be able to log in and sign their deed at any time, wherever they may be.
The lender said that clients may be eligible if there are no name changes, they are repaying an existing mortgage, and separate mobile numbers are provided for each applicant in the application.
