Portfolio landlords? Come on in.

 Virgin Money accepts mortgage applications from portfolio landlords. Their doors are open! Just follow these three simple steps:

Three simple steps

  1. Complete your mortgage application as you normally would.
  2. Once you have an accepted Decision in Principle, use the BTL hub to upload details of your client’s property portfolio in seconds. They’ve partnered with eTech, making this quick and easy.
  3. Send them details of your client’s cash flow and business plan, along with other supporting documents.

For full details of the portfolio lending policy, view the sales aid or talk to your dedicated Business Development Manager.


Buy-to-let lending. Less stress, more yes

We’ve improved the way we stress-test your clients for buy-to-let mortgages. Which means we say yes to more customers. Good news for you, and them.

First, the interest rate stress on 5 year fixed products is now 5.00%

We’ve lowered our interest rate stress for 5 year fixed rate products to 5.00%.

For all other products, the interest rate stress is 5.50%.

Second, the straight balance swap interest rate stress has reduced from 5.99% to 5.50%

Buy-to-let remortgages with no additional borrowing are now offered at a lower interest rate stress of 5.50% across all products, at 125% of rental income.

For full details of our current buy-to-let policy, visit our website or talk to your dedicated Business Development Manager.


Royal Bank of Scotland & NatWest Minimum Switcher Balance Reduction

The Royal Bank of Scotland & NatWest has signed up to the voluntary UK Finance Agreement to help as many customers as possible to be in a better financial position by adhering to a standard minimum balance policy.

From the 9th November 2018, the minimum balance an existing Royal Bank Or NatWest customer must have in order to select a new deal with ourselves will be reduced from £25,000 to £10,000, meaning that all residential customers with an “able-to-switch” balance larger than £10,000 will be eligible to switch to a new mortgage product. As a result, all existing customers and all future roll-off customers who meet these criteria will be eligible to choose a new deal.

Included within this change, if any existing customers wish to port their existing Royal Bank or NatWest mortgage and purchase a new property and at the same time take additional funds on top of the balance they are porting, we will now allow any top up of over £10k (on top of the existing balance/product being ported) to be taken on a new purchase rate. Please note this is only when customers are porting and taking a top up at the same time.