Virgin Money limits £500,000 plus mortgages to four times salary
Virgin Money is bringing in a maximum mortgage cap of four times salary for loans of more than £500,000.
The bank joins a growing list of lenders including the Royal Bank of Scotland, NatWest, Halifax and Scottish Widows in capping income multiples to four times salary when customers borrow more than £500,000.
Aaron Strutt, product manager at Trinity Financial, says: “It is very strange that certain lenders cap their maximum loan sizes while their competitors offer up to 5.5 times salary larger loan mortgages.
“Virgin will still potentially offer a generous five times single, and joint salary mortgages for applicants earning over £40,0000 providing the loan is below £500,000.”
In a note to brokers, the bank said it only expected the policy amendment to impact a small proportion of its lending while the lender would continue to offer competitive loan amounts to higher earning customers across the country.
To secure a generous income multiple mortgage call Trinity on 020 7016 0790.
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