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Virgin Money cuts interest-only LTV

Virgin Money has cut the maximum LTV on interest-only deals from 75% to 70% from today.

It has also restricted the repayment methods it will accept so that borrowers using the sale of another property will only be able to borrow 60% LTV.

Sir Richard Branson’s bank says this brings it into line with the maximum LTV permitted where sale of the mortgaged property is the designated repayment vehicle.

The changes apply to all new Decisions in Principle generated from May 31.

All DIPs and pipeline applications which have been agreed prior to the new policy will be honoured.

Existing customers can port their mortgage to a new property or remortgage to a new product with Virgin on their existing interest only arrangements, providing there are no material changes to the loan, such as an increase in loan size or term.


OFT raps Wonga for shoddy debt collection processes

The Office of Fair Trading has told to improve aspects of its debt collection practices. The OFT found that the company had wrongly suggested to some customers working in the financial services industry that they may have committed fraud. It stated that customers with jobs in the public or financial sectors should not find […]

Identifying best-in-class UK stocks — Mark Martin, Neptune UK Opportunities Fund

FE Alpha Manager Mark Martin assumed management of the multi-cap UK Opportunities Fund at the beginning of February. As manager of the highly regarded UK Mid Cap Fund, Martin has begun restructuring the new portfolio to focus on our very best UK stock ideas from across the FTSE All-Share Index. In this video, update Martin addresses:

– Themes informing the UK Opportunities Fund
– The multi-cap structure of the fund
– UK equity valuations


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