Virgin Money teamed up with Clydesdale Bank and Yorkshire Bank back in October 2018 and is bringing all the brands together under Virgin Money, creating one bank with over six million customers.
Variable income includes bonuses, overtime and commissions. In order to secure the 75 per cent variable income consideration, customers need a three-year track record, or two years if the income is received monthly or more regularly.
An example is a customer that works in a senior position for a professional services with a basic salary of £65,000.
The applicant also receives an annual bonus with a three-year track record. In the most recent year it was £175,00 and £130,000 the year before.
The second customer had a basic income of £60,000.
Due to the strong record the firm is able to use 75 per cent of a two-year average instead of the normal 60 per cent.
Skipton BS cuts new build and government scheme rates
Skipton Building Society has made changes to select deals in its new build and government scheme product ranges.
The changes come into force from 9am tomorrow.
This includes rate reduction of 0.07 per cent of five-year fixed new build products, and up to 0.33 per cent on two and five-year fixed shared ownership products for staircasing to 100 per cent ownership.
The mutual confirmed rate reductions of up to 0.6 per cent on two and five-year fixed rates in its government scheme product ranges.
This includes a fee-free five-year fixed new build purchase-only deal at 95 per cent LTV priced at 5.26 per cent. It is for houses only and offers £500 cashback on completion.
Its fee-free five-year fixed Help to Buy purchase and remortgage deal at 60 per cent LTV has a rate of 4.67 per cent.
Its fee-free, five-year fixed rate First Homes purchase-only product at 95 per cent LTV is priced at 4.75 per cent.
