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.
Want to comment on this story? If so...if any post is considered to victimise, harass, degrade or intimidate an individual or group of individuals on any basis, then the post may be deleted and the individual immediately banned from posting in future.