Virgin Money offering generous family purchase mortgages

by Aaron Strutt

Oct 01 2016

Virgin Money for Intermediaries is offering one of the most generous family purchase mortgages.

The bank will lend the lower of 100% of the discounted purchase price, or the maximum of its permitted loan-to-value (certain property types have restricted lending). 

Aaron Strutt, product director at Trinity Financial, says: “Additional lending may be agreed if the funds are used to improve the property, but there may be a retention until the works are complete.  

“Applications will not be accepted if the vendor will continue to live in the property once it is sold.”

Regulated buy-to-let mortgages

The mortgage market has tightened up and even though buy-to-let mortgages are not regulated by the Financial Conduct Authority, it is not generally possible for a property to be let to an immediate family member. 

Virgin Money will provide regulated buy-to-let mortgages on standard residential rates up to 75% loan-to-value.  

Clients will be assessed to ensure they can afford the mortgage repayments (across all properties they own) without taking any rental income generated for the property mortgaged with Virgin.  

Trinity has access to a handful of lenders offering these mortgages and rates are competitively priced.

For help to secure a family purchase mortgage, call Trinity on 020 7016 0790.