Virgin Money enters buy-to-let mortgage portfolio landlord market

by Aaron Strutt

Jun 23 2018

Virgin Money for Intermediaries is the latest lender to enter the buy-to-let portfolio landlord mortgage market.

In September 2017, new regulations were introduced for buy-to-let lending defining a portfolio landlord as someone with four or more mortgaged rental properties.

Professional landlords must have at least two years’ experience of letting properties at the time of application to qualify for Virgin's often market leading buy-to-let rates. They can also have up to 10 mortgaged properties or an unlimited number of mortgage-free properties.

Virgin will lend up to 75% loan-to-value for up to five buy-to-let properties, and the mortgage limit is capped at £3 million.

Straight balance swap remortgages and product transfers

If you are a landlord looking to remortgage your buy-to-let properties and secure a new deal without taking any additional borrowing, Virgin Money says it does not typically request a business plan or your cash flow details for the property portfolio.

In some instances, clients remortgaging to Virgin Money from another lender will be asked to complete a monthly buy-to-let expenditure form and it will be used to assess the rental income covers the expenditure for letting the property.

Aaron Strutt, product director at Trinity Financial, says: “Over the last year Virgin Money has offered some of the most competitively priced buy-to-let mortgage rates in the market and relatively low arrangement fees. It has a strong appetite to increase its lending figures and provide more buy-to-let mortgages.

“The lender provides remortgaging landlords with a free basic valuation and either free cashback or standard legal work to help reduce the cost of switching providers.”

Virgin has also extended the maximum term for buy-to-let’s from 25 to 35 years.

Call Trinity Financial on 020 7016 0790 to remortgage you buy-to-let portfolio