Virgin Money has updated its affordability assessment for residential products fixed for five years or longer, which will increase the amount that can be lent.
Virgin Money said that the extra amount would depend on individual customer circumstances.
The lender has made several moves to improve affordability, removing its interest-only cap for loan to income (LTI), which previously stood at 4.49 times income.
The company has also changed affordability by extending the maximum mortgage term for all residential mortgages to 40 years, up from 35 years before. This will allow more customers to borrow up to a maximum five-and-a-half times LTI cap.
Hodge cuts holiday let rates and improves criteria
Hodge said it has lowered the majority of its holiday let rates, with pricing beginning from 6.08 per cent.
Its two-year fixed rate at 75 per cent LTV with a £995 fee is 6.28 per cent. With a £1,495 fee, it is 6.08 per cent, and with a £1,995 fee, the pricing begins at 5.98 per cent.
The lender’s five-year fixed rate with no fee is 6.2 per cent, £995-fee version is 6.05 per cent, £1,495-fee version is 5.85 per cent, and with a £1,995 fee it is 5.75 per cent.
The lender’s five-year stress rate has moved to pay rate, and its pound-for-pound stress rate is the maximum of five-and-a-half per cent or the pay rate plus one per cent.
Debt consolidation is now available up to 75 per cent loan to value (LTV) and the maximum loan size of £1.5m available up to 75 per cent LTV.
Properties above and adjacent to commercial are considered, with annexes and two-kitchen properties now under consideration at application.
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.
