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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Our lending criteria
- We require a minimum combined income of £25,000 per year, or £50,000 where personal income is used for affordability.
- Rental income (also known as interest coverage ratio) must cover 145% of mortgage repayments.
- Rental income need only cover 125% if you’re remortgaging and don’t require additional borrowing.
- The interest coverage ratio (ICR) is tested at:
- The product rate +2% or 5.50%, whichever is higher, for products fixed for less than 5 years.
- The product rate +1% or 4.50%, whichever is higher, for products fixed for 5 years or longer.
- The product rate +1% or 5.00%, whichever is higher, for a remortgage with no additional borrowing.
- We will accept personal income to cover rental shortfalls between 100% and 145% of ICR.
- Personal income is not considered for BTL portfolio landlords, LTVs greater than 75% or when the terms extends beyond 75 years of age.
- Usually you must own your home for 6 months before applying.
Portfolio landlords
We support mortgage applications from landlords with four or more mortgaged buy-to-let properties.
Find out more about Portfolio Landlord mortgagesWhy choose one of our mortgages?
- Terms to suit you
Fixed rate deals for 2, 3, 5 and even 10 years. - Flexibility as standard
You can make overpayments up to 10% a year and take payment holidays, subject to our agreement. - Great customer service
9/10 customers who spoke to an adviser said we're easy to do business with.
Need more help
We understand that there's a lot to consider when becoming a landlord, so check out our useful buy-to-let guides.
Find out moreAlready have a mortgage with us?
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Find a dealLike to talk to us?
Speak to a dedicated mortgage advisor
New customers
Call us to discuss our range of mortgages
0330 311 4788
We're here from 8am - 6pm Monday to Friday, 9am - 2pm Saturday.
Existing customers
Call us to discuss our range of mortgages
0330 127 7980
We're here from 8am - 6pm Monday to Friday, 9am - 1pm Saturday.
| Number | Cost |
|---|---|
| 03 numbers | Same as calls to 01 or 02 numbers and they are included in inclusive minutes and discount schemes in the same way. |
| 084 numbers | Maximum of 7p per minute, plus your phone company's access charge. |
| 087 numbers | Maximum of 13p per minute, plus your phone company's access charge. |
| 0800 numbers | Free from UK landlines and personal mobile phones. |
Frequently asked questions
To make things as straightforward as possible, it would be great if you have the following to hand for all applicants:
- Income details
- If employed you will need:
- Gross annual salary, bonus & overtime
- If you are self-employed you will need:
- Last 2 years net profit/directors salary
- Last 3 months’ business bank statements
- A completed Self-Employed Supplementary Form Link opens in a new window
- If employed you will need:
- UK address history for the last 3 years
- Details of your monthly expenditure PDF opens in a new window Link opens in a new window (PDF, 80.05KB) (your bank statements will come in handy here)
- Details of any credit commitments (including payments, balances and interest rates)
- Pension payments from your payslip
After you’ve applied for your mortgage, you just need to sign and return the application form and pay any applicable fees.
Once returned to us, your application will be assessed by an underwriter, and we'll keep you updated throughout the process.
Your first mortgage payment will be due on the 7th of the month following completion.
Need help?
Questions and answers
View our most frequently asked questions about mortgages.
Mortgage calculator and tools
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Bank of England base rate changes
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Tariff of mortgage charges
Information about our charges for services we offer.
Information which may be helpful when applying for a buy-to-let Virgin Money mortgage.
More reasons to choose Virgin Money
Your Mortgage
Best buy-to-let mortgage lender 2019 - 2020
Mortgage Finance Gazette
Best buy-to-let lender 2020
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