Virgin Money has changed its mortgage lending policy to accept new build cash incentives of 5% of the purchase price up to 90% LTV.

The policy, which was previously capped at 85% LTV, includes cashback deals, stamp duty contributions and payment of professional fees. 

Virgin Money will also accept non-cash incentives without impacting the loan amount. 

As part of the changes, it has simplified the documents customers need to support their applications. 

For example, self-employed applications will no longer need to complete a self-employed supplementary form if their latest accounts are from 2021 or later.