Buy-to-let policy
A portfolio landlord is someone who will have 4 or more mortgaged properties on completion of the new loan. This includes any BTLs held in an SPV, and for a joint application includes all mortgages whether they’re held together or separately. We can lend to portfolio landlords who have 2 years’ experience letting property.
Virgin Money mortgages
- The maximum LTV is 75%
- The maximum individual loan size is £1,000,000
- The maximum number of BTL properties mortgaged with the Virgin Money group (including Clydesdale) is 5 with the total balance of all mortgages not exceeding £3,000,000
- We will use a rental cover assessment
Overall portfolio
- The maximum number of mortgaged BTL properties a customer can have with all lenders, including the property being mortgaged with us, is 10. This includes any BTLs held in an SPV
- The customer cannot have more than 5 BTLs in the same post code, for example, G2 7ER
- The background BTL portfolio must have an aggregate maximum LTV of 75% and cover its mortgage payments by 135% at a stressed interest rate of 5%. This excludes the mortgage being placed with us but includes any other mortgaged or unmortgaged BTLs including where held in an SPV