Virgin Money has made a series of adjustments to its lending criteria and product details, with particular focus made on mortgages primarily aimed at first-time buyers.

In its new-build selection, the lender has upped the maximum residential LTV for houses to 90% LTV and for flats to 80% LTV.

Meanwhile, 95% LTV mortgages now have a maximum term of 35 years.

Virgin has also changed its approach to bonuses.

Here, for annual, half yearly or quarterly bonus payments, Virgin will take 60% of last year’s bonus for its affordability calculations.

And the lender no longer needs a bonus to have been received after 2 December 2020 and, where variable pay exceeds basic income it will use a two-year average.