Virgin Money has increased the types of benefit income it will accept in its affordability assessment.
In an update, Virgin Money said it will include in its affordability assessment the following: Adult Disability Payment, Carer’s Allowance, Child Benefit, Child Disability Payment, child tax credits, Disability Living Allowance, disabled person tax credits, Employment and Support Allowance, Incapacity Benefit, Independent Living Fund, Personal Independence Payment, Reduced Earnings Allowance, Universal Credit, War Disablement Pension and working and family tax credit.
Regarding Child Benefit, Virgin Money said if either applicant’s total gross income is over £60,000, then Child Benefit cannot be included as income.
On the Universal Credit side, at least one applicant must be in receipt of earned income, and any housing benefit in the Universal Credit award letter should be subtracted from the income.
