We’ve made changes to our policies for property and self-employed customers. It means you’ll be able to offer mortgages to even more of your customers. Here’s what’s changed.
Opening studio doors
Virgin Money now accepts applications for studio flats that have an internal floor area of 30 square metres or more.
A new lease
Clydesdale Bank now needs an unexpired lease term of 85 years at application. If it’s in the process of being extended, it can be under 85 years at application, providing it’ll be over 85 years at completion. Leases under this term can be considered by exception – just double-check with us before you start the application process.
Other changes on the way
Virgin Money have also improved policy clarity on homes close to commercial properties. Now, valuers can use more discretion along with their local knowledge and expertise.
Also, there is now no maximum acreage for properties – we’ll just look at the first two acres for valuations.
Smoother moves for self-employed
It’s easier than ever for self-employed customers to apply for Virgin Money or Clydesdale Bank mortgages, because both banks have streamlined requirements on bank statements. It’s now just the latest month’s statements required from limited companies, LLPs, partnerships and sole traders.
Check out our property lending criteria for Virgin Money and Clydesdale Bank.
If you are not an intermediary of the Bank, you should not refer to the information contained in this website. If you are a professional and you reproduce any part of the information contained in this communication, to be used with or to advise retail clients, you must ensure it conforms to the Financial Conduct Authority's mortgage conduct of business rules. This site is intended for UK residents (who are intermediaries of the Bank) unless otherwise stated.
Clydesdale Bank PLC Registered in Scotland (Number SC001111). Registered Office: 177 Bothwell Street, Glasgow G2 7ER.
