Lending Policy Highlights
- Maximum LTV is 80%. For BTL portfolio landlords the maximum LTV is 75%.
- Minimum property value for loans up to 75% LTV is £50,000. For loans greater than 75% LTV, the minimum property value is £100,000.
- Maximum borrowing of £3 million with Virgin Money (five properties for portfolio landlords).
- Maximum number of mortgaged buy-to-let properties with any lender we will accept is 10.
- Maximum loan size of £1 million, with no minimum loan size. Where the LTV is greater than 75% the maximum loan size is £350,000.
- Day one remortgages available, with the valuation based on the original purchase price if within six months of completion.
- First time landlords accepted, as long as they aren’t first time buyers. Applicants must be an owner occupier and have had owner occupier status for at least six months on the date of decision. This applies to at least one applicant on joint applications.
- If remortgaging a main residence onto a buy-to-let product, your client must complete on a new residential property at the same time.
- We class capital raising on unencumbered properties as a remortgage.