In addition, affordability will only be assessed on basic salary meaning the bank will no long accept variable income such as overtime, commission or bonus.

Self-employed customers will also need to provide their last three months business bank statements to evidence continued turnover.

For buy-to -let applications personal income will not be accepted where there is a rental shortfall between 100% and 145%.

The changes to affordability policy do not impact applications received before Friday 17 April 2020, which will continue to be assessed on a case by case basis.

Virgin Money can now offer selected purchase products and has increased the use of desktop valuations. It has also expanded LTVs across its residential remortgage and buy-to-let range.

Some restrictions apply to the types of lending Virgin Money is currently able to offer, for example, it will not for the moment accept New Build applications.

Due to the impact of Covid-19 Virgin Money is focussing resources on providing services to customers during these difficult times, therefore its 10-day Application to Offer Service Commitment to brokers has been paused.

The bank is working hard to progress cases in its pipeline and remains committed to getting offers out as soon as possible.