We are now accepting portfolio landlords

25 June 2018

We’re a lender who works hard for our intermediary partners. So we’re delighted to announce that we’re bringing you even more options for your clients, continuing to deliver exactly what you need.

There’s a lot going on so please take some time to read through the improvements.

BTL Portfolio Landlords

We’re delighted to announce that you can now send your BTL portfolio landlord applications to us.

We’ve worked hard to make it simple for you to submit business. Our new BTL Hub, in partnership with eTech, means you can upload details of your client’s portfolio in seconds – saving precious time.

Continue to submit your applications in the usual way and we’ll let you know what supporting documents we need. We’ll need some extra information from you and we’ve created new templates that can be found on our website.

Take a look at our website for further details about our BTL portfolio landlord lending policy, process and features. To keep things simple, our full BTL mortgage range is available for BTL portfolio landlords, with rates starting from 1.37%. See our Mortgage Update for further details.

Free basic valuations for all BTL remortgages

We now offer free basic valuations on all buy-to-let remortgage applications. Plus your clients can choose between free standard legal work or cashback, keeping upfront costs down. We have BTL rates starting from 1.37%. See our Mortgage Update for further details.

Maximum term for BTL has been extended

More great news for your landlords. We’ve extended our maximum term to 35 years, giving your clients greater flexibility when managing their investment. 

Improvements to our Interest Only policy

Our improvements are not all about BTL. Following the launch of £1m+ loans earlier this year, you told us that changes to our interest only lending policy would make this an even better solution for your clients. So we’ve:

1. Expanded our interest only policy to include sale of mortgaged property. The sale of a mortgaged property is now an acceptable repayment vehicle for applications up to 65% LTV, where the term of the loan does not extend into retirement, and a minimum equity of £300,000 is available.

2. The maximum loan to income multiple has been increased from x3.5 to x4 on interest only and part and part loans (based on allowable income).

3. The maximum LTV on residential interest only and part and part loans has increased from 70% LTV to 75% LTV. 

Please note we will be increasing the minimum income to £75,000 for interest only and part and part loans.

Remortgages now available at 95% LTV

We want to help as many borrowers as we can. That’s why we have launched our new range of 95% LTV remortgage deals. Our remortgage products come with free valuations and free standard legal work. And all 95% LTV deals are fee-free meaning your clients could switch to us with no upfront fees.

Capital raising or debt consolidation is not available for remortgage applications over 90% LTV.

We have rates starting from 3.84%. See our Mortgage Update for more details. 

Further enhancement to our Secure Document Transfer service

Not only do you need great policy and products from us, but you also need great service. 

Earlier this month we introduced a new Secure Document Transfer service to allow you to send your client’s documents to us securely. We’ve made a further enhancement to the service and you can now upload your supporting documents at any time from Virgin Money Online (VMO). 

If you prefer to wait, you will receive an email from us confirming the documents we require once you have completed your application and we have made a lending decision.

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