Virgin Money is removing the £30,000 minimum income threshold for mortgage products which make up its Help to Buy Equity Loan range.
Its range of Help to Buy mortgage products includes:
- Two-year fixed rate at 2.85% at 75% LTV with a £995 product fee
- Two-year fixed rate at 3.35% at 75% with no product fee
- Five-year fixed rates at 3.79% at 75% LTV with a £995 product fee
- Five-year fixed rate at 3.90% at 75% LTV with no product fee.
Mortgages in the range also come with £800 cashback which customers can use to help with legal fees, valuation fees, or the general cost of moving home.
The products are available through Virgin Money’s key new build intermediary partners.
In addition to the removal of the £30,000 minimum income threshold Virgin Money will also accept applications from the Welsh Government’s Equity Loan scheme and in Scotland where an Authority to Proceed (ATP) has already been obtained.
Anthony Mooney, director of financial service at Virgin Money, said: “The changes we are making allow Virgin Money to lend to customers with good affordability and an income below £30,000. This will play an important part in helping people to get their feet onto the first rung of the housing ladder.
“Virgin Money is committed to responsible lending in all segments of the mortgage market and this latest change to our mortgage policy demonstrates exactly that.”