Virgin Buy To Let Mortgages
Compare Virgin Buy To Let Mortgages
If you are interested in buying a rental property, Virgin may be able to help. Whether you are a seasoned landlord with an existing property portfolio or a new landlord taking the plunge for the first time, Virgin offers wide choice of buy to let mortgage deals.
What are the lending criteria for a Virgin buy to let mortgage?
If you want to take out a buy to let mortgage with Virgin, you will need to be aware of certain criteria before you apply, including:
- The most you will be able to borrow with a buy to let mortgage from Virgin is up to 75% loan to value (LTV) over a maximum mortgage term of 25 years
- Virgin buy to let mortgages are not available to first time buyers. You must have owned a residential property for your own use for at least six months before applying for a Virgin buy to let mortgage deal.
- As a minimum, your annual income needs to be £25,000 and this cannot include any income you receive from buy to let properties that you already own
- Affordability calculations for a Virgin buy to let mortgage will be based on rental income, and so you will be required to demonstrate that your proposed rental income can cover at least 145% of the mortgage payments
- You will need to be 25 years old or over to apply for a buy to let mortgage with Virgin
- Joint buy to let mortgage applications will be considered from groups of up to four people
Regulation Changes in 2017
To fully prepare for an application to Virgin for a buy to let mortgage, it may be beneficial to review the changes to the buy to let mortgage regulations.
The Bank of England’s Prudential Regulation Authority introduced changes in 2017 that affect the way lenders review buy to let mortgage applications.
Stricter Stress Test: The rules surrounding buy to let mortgages already account for an income stress test. However from 2017, landlords’ income will be analysed in more depth than before. This means that lenders will review a landlord’s income to make sure they can afford the mortgage payments in the event that interest rates hit 5.5%.
Review of Entire Portfolio: Under the new regulations, traditional lenders will have to look at a landlord’s entire property portfolio. This is because lenders will no longer provide a buy to let mortgage to landlords with one or more properties that are not profitable. It is important to note that landlords can no longer spread equity across their property portfolio to cover up a property that is not providing a positive return.
Features of Virgin buy to let mortgage deals
Some of the benefits of a Virgin buy to let mortgage deal could include:
- Choose to repay your buy to let mortgage as capital and interest, interest only, or part-and-part
- Online access to your mortgage account, 24 hours a day, seven days a week
- Enjoy benefits and discounts across the Virgin group of companies including Virgin Holidays and Virgin Wines
- A dedicated mortgage adviser to help you with your mortgage application
- Flexible mortgage features, including options for overpayments of up to 10% of the mortgage balance each year
- Underpayment facility with selected Virgin mortgage deals
- Apply to take a payment holiday up to once every nine months if you require it
- Special mortgage rates available for existing Virgin buy to let mortgage customers who wish to remortgage a property or need to borrow more money
To compare the latest Virgin mortgage deals with other leading rates and find the best mortgage for you, use our free online mortgage tables above, or speak to our mortgage team. We offer a free, whole of market, independent mortgage comparison service to help you find the best deal. Speak to our specialist team to help you find the right buy to let mortgage option for you.
Call 0117 403 4222 or request a call back for our buy to let mortgage team.