The Virgin Money group has relaxed a range of its criteria standards for property and self-employed customers.  

Virgin Money says it will now accept applications for studio flats that have an internal floor area of 30 square metres or more.  

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.   

The lender tells brokers that leases under this term can be considered by exception, but they should “double-check with us before you start the application process”.  

Virgin Money has also clarified its policy on homes close to commercial properties.   

It says: “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.”  

The group adds Virgin Money and Clydesdale Bank have streamlined requirements on bank statements for self-employed customers who apply for mortgages.   

Both banks now just require the latest month’s statements from limited companies, LLPs, partnerships and sole traders.  

The moves come after earlier in the week, Virgin Money lifted its mortgage variable revert rates by 25 basis points across the group, following the central bank raising its base rate last month.   

While Clydesdale Bank cut rates on a range of residential products for new and existing borrowers by up to 20 basis points.  

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