PORTFOLIO BUY-TO-LET
WHAT YOU NEED TO KNOW

A portfolio landlord has four or more mortgaged rental properties, including the new application. And the total number of mortgaged BTL properties should include those held by all parties on the application.

In line with the latest regulation, portfolio landlords will be assessed against additional criteria and your clients will need to provide some extra documentation.

We’re using CoreLogic’s BTL Hub, so you can quickly provide us with details of your client’s portfolio.

Criteria for portfolio landlords

  • We’ll accept up to 75% LTV on the property to be mortgaged.
  • And up to five BTL mortgages with Virgin Money, or £3m.
  • At least 24 months’ experience of letting properties is required at the time of application.
  • Personal income can’t be considered for any property rental shortfalls.
  • We accept up to 10 mortgaged BTL properties across all lenders, including the new application.
  • In total the portfolio must not exceed 75% LTV, with a minimum interest cover ratio of 135%, at an interest stress rate of 5%. If your client owns any mortgage-free properties, the equity and rental income on these will be taken into account. This excludes the new application.
  • Up to five properties either mortgaged or mortgage-free and including the new application can be within the same postcode e.g. G1 2HL.

Submit your client’s property schedule to the BTL Hub

BTL Hub

Affordability and rental tests

Rental income must cover the mortgage payment by a minimum ICR (Interest Cover Ratio) based on the relevant Stress Rate.


ICR

ICRRemortgage with no additional borrowingPurchase or remortgage with additional borrowing
Basic rate taxpayers125%125%
Higher or additional rate taxpayers145%

Stress Rate

Stress RateRemortgage with no additional borrowingPurchase or remortgage with additional borrowing
<5 year fixed or variable rateThe higher of 5% or pay rate + 1%The higher of 5.5% or pay rate + 2%
5+ year fixed rateThe higher of 4.5% or pay rate + 1%
 
  • Check out our Lending Criteria for more information.
  • We have no minimum personal income requirement for portfolio landlords.
  • Personal income won’t be considered to meet any rental shortfalls for portfolio BTL

Straight balance swap remortgages and product transfers

If your portfolio landlord client is wishing to remortgage to Virgin Money without taking any additional borrowing:

  • At an aggregate level the portfolio must have a minimum interest coverage ratio of 125% stressed at 5%. This includes rent from unencumbered properties.
  • We don’t always need a property schedule to be uploaded to the CoreLogic BTL hub, but if we do, we’ll let you know when we confirm your DIP
  • We do not require a Business Plan and Cashflow Form
  • The additional criteria for BTL portfolio landlords (Landlord experience, maximum number of mortgaged BTL properties, maximum portfolio (aggregate) LTV) will not apply, i.e. landlord criteria, portfolio criteria

If your portfolio landlord client is wishing to secure a new deal without taking any additional borrowing through a product transfer, we do not require a Business Plan or Cashflow Form.

Details of their property portfolio do not need be uploaded into the BTL hub and additional BTL portfolio landlord criteria will not apply.

This table gives you a summary of our portfolio landlord criteria:

Please see the BTL and Consumer BTL section of the A-Z Lending Policy for all non-portfolio landlord applications.

Additional Documentation Requirements

We need two new forms completed for each mortgage application:

For guidance on when and how to submit these documents, please view our sales aid.

BTL Hub

We're working with CoreLogic to give our intermediary partners access to our BTL Hub, making it quick and easy to submit details of your clients’ property portfolio to us.

Please note:

  • You shouldn’t include details of the property they’re applying for within the property schedule.
  • You should include details of properties held in your client’s personal name, limited company or any other legal entity.
  • You should wait until you’ve received an accepted Decision in Principle before you submit the property schedule into the BTL Hub.

Before you can use the BTL Hub, you’ll need to register using the link below.

Register now

Already registered for CoreLogic’s BTL Hub? Login using the link below.

Login to BTL Hub

What happens next?

You’ll be sent an email to the address you have registered with. Follow the link to set up your password and get started.

Link to Virgin Money

Once your broker firm is registered with the BTL Hub you’ll need to link to Virgin Money. This can be done via the ‘lenders’ section on the dashboard.

Help and support

Read our BTL Hub quick start user guide  PDF opens in a new window  (PDF, 1.77MB) for assistance or alternatively, contact:

CoreLogic Service Desk Support
Telephone: 0333 1231417
Lines open Monday to Saturday 8am - 8pm, Sunday 9am - 1pm

CoreLogic