Virgin Money changes their interest-only lending policy
Previously the lender had an attractive interest-only policy especially for first-time buyers. However, this made them more attractive and they received more applications than they wanted.
In order to qualify for interest-only, the current minimum loan size of £300,000 will be removed and a minimum property value of £500,000 will be introduced. Virgin Money will also expect applicants to earn at least £100,000 and first- time buyers will have to take a capital repayment mortgage.
December 6, 2013
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