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 and Yorkshire Banks) 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
- Where the application being placed with us is a remortgage with no additional borrowing there is no maximum number of background BTLs, and the portfolio LTV and post code tests do not apply. The background BTL portfolio must cover its mortgage payments by 125% 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. The maximum with Virgin Money of 5 BTLs and £3,000,000 balances still apply