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Virgin Money amends buy-to-let mortgage criteria

Virgin Money has increased the maximum loan-to-value on its buy-to-let portfolio landlord range from 70% to 75%, while previous portfolio growth restrictions have been abolished.

The amendment to the lender’s buy-to-let mortgage criteria includes a reduction to its aggregate rental cover requirement from 145% to 135%, calculated at an interest rate of 5%.

Andrew Asaam, director of mortgages at Virgin Money, said: “We regularly review our lending policy, taking into account feedback from our intermediary partners.

“This latest round of changes demonstrates our commitment to [make] it easier for intermediaries and their customers to do business.”

Virgin accepts applications from portfolio landlords with up to 10 mortgaged buy-to-let properties, and an unlimited number of mortgage free properties, up to a maximum exposure of £3m, or five properties mortgaged with Virgin Money.

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