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Criteria changes announced by Virgin Money

A number of adjustments to Virgin Money’s criteria for mortgage lending have been confirmed by the lender, relating to the employment status of those who are applying for loans.

The main change that the lender has introduced is to allow people to apply for a mortgage based entirely on income received through second jobs. The only condition attached to this is that they need to have been earning that income for a minimum of one year.

In the past, an applicant could only use 50% of the income from a second job to apply for a Virgin Money mortgage. They also needed to be able to show two years history of that employment.

That is not the only adjustment to its criteria that the lender has announced though. It has also changed the rules for contractors, so a contract renewal only needs to be provided as part of an application if it has less than a month left to go. Up until now, the policy was three months for this. Those in probation will also benefit from improved criteria, with a single payslip and copy of a contract all that is now required.

Craig Calder from Virgin Money stated to Financial Reporter that:

“We constantly look for ways to improve our mortgage business and the latest changes to our lending policy will make it easier to get a mortgage with Virgin Money.”

Everyone who has done the CeMAP training course will welcome evidence that lenders are trying to help people overcome the barriers to homeownership.

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