Mortgage Strategy - Virgin restricts interest-only to customers with minimum income of £100K - December 2013
Virgin Money is restricting from 9 December its interest-only products to customers with a minimum income of £100,000 in total for applicants, including bonuses, and a minimum property value of £500,000.
Trinity Financial product manager Aaron Strutt says he struggles to believes that most brokers would suggest a tightening of policy for interest-only mortgages.
Nonetheless he says most lenders have tightened up on their interest-only policies over the last year and Virgin Money has offered some of the best interest-only deals.
He says: "The restrictions are better than pulling out. They obviously wanted to do something to limit the amount of interest-only mortgage they have been getting and they are now simply targetting high networth borrowers."
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November 29, 2013
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