Virgin Money raises maximum mortgage income multiple to 5.5 times salary
Virgin Money for Intermediaries has raised its maximum mortgage income multiple for higher earners and remortgaging customers.
Maximum loan to income limits have been raised to 5.5x salary for capital and interest applications up to 80% loan-to-value where the applicants are employed and the total income (sole or joint) is £100,000 or more.
Virgin Money also provides larger loans for capital and interest remortgages with no additional borrowing up to 85% loan-to value when their total income (sole or joint) is £50,000 or more.
Aaron Strutt, product director at Trinity Financial, says: "Mortgage lenders will probably have to work harder to attract borrowers next year. As the Bank of England has got higher the banks and building societies affordability calculations have got tougher often resulting in smaller mortgages.
"We have already seen Santander improve its acceptance criteria by offering more generous loan sizes and Virgin Money has pushed its maximum income multiple from five to 5.5 times salary."
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