Virgin Money are making changes for your customers

We have some more news for you. Virgin Money are making changes to their policies for property and self-employed customers. It means you’ll be able to offer mortgages to even more of your customers. Here’s what’s changing.

Opening studio doors

Virgin Money now accepts applications for studio flats that have an internal floor area of 30 square metres or more.

A new lease

Clydesdale Bank now needs an unexpired lease term of 85 years at application. If it’s in the process of being extended, it can be under 85 years at application, providing it’ll be over 85 years at completion. Leases under this term can be considered by exception – just double-check with them before you start the application process.

Other changes on the way

Virgin Money have also improved policy clarity on homes close to commercial properties. Now, valuers can use more discretion along with their local knowledge and expertise.

Also, there is now no maximum acreage for properties – they’ll just look at the first two acres for valuations.

Smoother moves for self-employed

It’s easier than ever for self-employed customers to apply for Virgin Money or Clydesdale Bank mortgages, because both banks have streamlined requirements on bank statements. It’s now just the latest month’s statements required from limited companies, LLPs, partnerships and sole traders.

If you need to submit a case on Clydesdale Bank’s old lease policy, you’ve got until 5pm on 14 September 2023 to apply.

Check out their property lending criteria for Virgin Money and Clydesdale Bank.

Any other questions, get in touch with your Business Development Manager.

The team at Virgin Money