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Virgin and Clydesdale to relaunch products next week

Virgin Money and Clydesdale Bank will launch a wider product range next week, which will include residential mortgages up to 90% LTV and buy-to-lets to 80% LTV.

The limits on loan sizes will also be removed, as the lender will once again offer large loans, shared ownership, professional and new build products.

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Physical valuations will be booked in England for pipeline cases requiring a physical valuation.

The same policy will apply once restrictions are lifted in the rest of the UK.

Home moves and viewings in England were given the green light to restart last week.

BY RYAN BEMBRIDGE

Source: Property Wire

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Virgin Money relaunches buy-to-let and residential products

Virgin Money is relaunching both resi and buy-to-let mortgages after having paused new lending at the start of last week.

The lender has increased its use of desktop valuations and will now be able to extend its core range for properties valued between £80,000 and £500,000.

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Virgin will now be lending up to 75% loan-to-value (LTV) with two, three and 5-year fixed rates for residential remortgages and 65% LTV for residential purchase deals with free valuations starting from 1.62%.

On the buy-to-let from purchase deals are available up to 60% LTV with £300 cashback and free valuation starting from 1.45% whilst the remortgage LTV has increased to 60% LTV.

Virgin has also had to make some temporary changes to its lending policy which will see it unable to accept any form of variable income (overtime, commission, bonus). Affordability will only be assessed on basic salary.

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Where an employed customer is designated as furloughed, or a self-employed customer has applied for the self-employed income support scheme, their income will not be used in the affordability assessment.

Personal income will not be accepted on buy-to-let applications where there is a rental shortfall between 100% and 145%.

By Ryan Fowler

Source: Mortgage Introducer