Virgin Money has relaxed its lending criteria policies on affordability and shared ownership.
It has increased its maximum loan-to-income limit to 5.5 times 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.
Also, on capital and interest remortgages, with no additional borrowing, up to 85% LTV where the total income, sole or joint, is £50,000 or more.
The lender adds that these changes exclude shared ownership properties.
However, on shared ownership, it says it will accept applications on shared ownership flats up to 95% LTV whatever the storey height, including new builds.
Previously, the LTV for flats was limited based on storey height.
