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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Our lending criteria
We define a portfolio landlord as someone with four or more mortgaged buy-to-let properties.
For joint applications, we'll take into account the total individual and joint-mortgaged properties that you own, either in your personal name, or in the name of a limited company or other legal entity.
|Criteria||Purchase||Remortgage no additional borrowing||Remortgage with additional borrowing|
|Maximum of 5 BTL mortgages / £3m lending with Virgin Money||Yes||Yes||Yes|
|Minimum 24 months landlord experience required?||Yes||No||Yes|
|Maximum number of mortgaged BTL properties (across all lenders)||10||N/A||10|
|Maximum number of BTL properties within the same postcode||5||N/A||5|
|Maximum LTV across the portfolio (aggregate)||75%||N/A||75%|
|Minimum rental calculation of 135% ICR stressed at 5% across the portfolio (aggregate)||Yes||N/A||Yes|
|Personal income accepted?||Yes||No||Yes|
|Business plan, cashflow & property schedule required||Yes||No||Yes|
Please note: our standard buy-to-let lending criteria also applies.Our standard buy-to-let lending criteria explained
- Minimum rental calculation of 145% interest coverage ratio (ICR) stressed at the product rate +2% or a notional rate of 5.50%, whichever is higher. Five year fixed rate products stressed at 4.5%.
- If you're remortgaging and don't require additional borrowing, this will be calculated at 125% ICR, stressed at a rate of 5.00% across all products.
- Minimum combined income of £25,000 per year required.
Why choose one of our mortgages?
- Free legal and valuation fees
Our remortgage deals come with a free basic valuation and standard legal costs included.
- Terms to suit you
Fixed rate deals for 2,3,5,7 and even 10 years.
- Flexibility as standard
Make over-payments, take payment holidays, take your mortgage with you if you move and more. Our flexibility options
- Great customer service
9/10 customers who spoke to an adviser said we're easy to do business with.
Like to talk to us?
Speak to a dedicated mortgage advisor
Call us to discuss our range of accounts on
0330 311 4788
We're here from 8am - 6pm Monday to Friday, 9am - 2pm Saturday.
Call us to discuss our range of accounts on
0330 127 7980
We're here from 8am - 6pm Monday to Friday, 9am - 1pm Saturday.
|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.|
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What we'll need from you
In addition to the normal documents you need to submit as part of your mortgage application, i.e. identity and income verification, we also need portfolio landlords to provide us with some supporting information. Our mortgage advisors will explain what we need, when we need it and how to send it to us. You can download copies of these documents here:
Questions and answers
View our most frequently asked questions about mortgages.
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Information which may be helpful when applying for a buy-to-let Virgin Money mortgage.
More reasons to choose Virgin Money
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Best buy-to-let mortgage lender 2019 - 2020
Mortgage Finance Gazette
Best buy-to-let lender 2020
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