Virgin Money is no longer accepting any new buy-to-let or residential purchase mortgage applications.
The lender has also capped loan to values (LTV) for its remaining product lines, with BTL remortgages at 55% LTV.
A spokesperson for Virgin Money said: “Following the latest government COVID-19 guidance, which means valuers no longer carry out physical valuations, we are temporarily suspending mortgage applications for new purchases.
“We will continue to use desktop and automated valuations on remortgage applications where possible, and focus on helping existing customers who are in need of immediate support.”
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