Virgin Money has changed its criteria around property and self-employed customers, widening its access to mortgages.
The lender will now accept applications for studio flats that have an internal floor area of 30 square metres or more.
Clydesdale Bank will need an unexpired lease team of 85 years at the application, and if the lease if being extended it can be under 85 years as long as it will be over that period by completion.
It said leases under the term can be considered by exception, but brokers should double check with the lender prior to starting the application process.
Virgin Money has also changed its policy around homes close to commercial properties as valuers can “use more discretion along with their local knowledge and expertise”.
There is no maximum acreage for properties and the lender will look at the first two acres for valuations.
Virgin Money and Clydesdale Bank have both streamlined bank statement requirements for self-employed. The lenders will now only require the latest month’s statements from limited companies, limited liability partnerships, partnerships and sole traders.
Anna is currently the deputy editor for Mortgage Solutions and editor for Specialist Lending Solutions. She has worked as a journalist since 2019, having secured her Gold Standard NCTJ diploma from News Associates in a fast-track six-month course.
She started her career as a report at specialist publication The Insurance Insider covering a wide range of areas before joining Mortgage Solutions and Specialist Lending Solutions in 2021.
In her role, she helps put together and structure the news agenda for the day and writes up press releases, reports, interviews, analyses and exclusives across both titles. She also commissions blogs for Specialist Lending Solutions and hosts online masterclasses and in-person events across the business.
She has been shortlisted for three journalism awards, which include BIBA Journalist and Media Awards Scoop of Year Award in 2020, Headline Money Mortgage Journalist of the Year Award (B2B) in 2022 and 2023.
Prior to being a journalist, Anna worked in ecommerce across Snow + Rock, Cycle Surgery and Runners Need websites, and before that worked at specialist financial PR firm Rostrum.
In her spare time, Anna enjoys reading, seeing live music, and cooking for friends and family. When she gets a chance, she also enjoys hiking, skiing and indoor rock climbing.
