Virgin Money amend interest only criteria

Virgin Money (formally Northern Rock) has announced that it is amending its policy for new interest-only residential mortgage lending.  However, the policy change does not affect any buy to let loans.

Virgin Money will now only accept interest-only cases with a minimum loan size of £300,000 and will also apply the same policy for part capital repayment and part interest-only cases.

Existing Virgin Money customers who want to port their mortgage to a new property, or who want to remortgage to a new Virgin Money product, are able to do so on their existing interest-only arrangements providing there are no material changes to the loan e.g. increasing in loan size.  Existing interest-only customers who want to increase their loan size can apply for the additional lending on a repayment basis if their loan is below £300,000.