Virgin to accept builder cash incentives

The policy applies to all new build applications, including those through the Help to Buy equity loan scheme

Peter Rogerson, Virgin Money savings and mortgages director, said: "Virgin Money continues to support the new build market which includes first-time and next-time buyers who both form part of a healthy mortgage market.

“This change to our policy will play an important part in helping people buy a new build property so they can take their first step on the housing ladder as well as helping those who want to move to another property."

Virgin’s products remain unchanged, including the Help to Buy equity loan range, which itself offers £3,000 cashback.

Andy Frankish, new homes director at MAB, said: "Today’s policy changes from Virgin Money are very welcome news as it opens up their product to a greater number of new homes buyers.

“Not only do they now have market leading products in the Help to Buy sector but by listening to customers, brokers and developers they have worked really hard to ensure their criteria covers a wide cross section of applicants without compromising the quality of the business brokers introduce.

“I hope that more lenders will follow by supporting new build in the way Virgin Money have over the last 10 months."