Virgin Money will begin lending to portfolio landlords with up to ten mortgaged properties, as part of an update to its buy-to-let proposition.
The lender, which is being acquired by Clydesdale and Yorkshire Banking Group, stated it will accept applications from portfolio landlords with a maximum of ten mortgaged buy-to-let properties, and an unlimited number of mortgage free properties.
Borrowers will now be accepted up to a maximum exposure of £3m, or five properties mortgaged with Virgin Money.
In addition, the maximum loan term has been increased to 35 years from 25 years and free basic valuations are available on all buy-to-let remortgage applications with a choice of either free standard legal work or cashback.
The group stated eTech, a software developer, will provide its online buy-to-let hub for brokers.
Andrew Asaam, director of mortgages at Virgin Money, said: “Harnessing [eTech's] technology to facilitate portfolio submissions will deliver a fantastic process for our mortgage brokers and complement our overall intermediary service.”
Commenting on the news, Andrew Turner, chief executive at specialist buy to let broker, Commercial Trust Limited, said the lending environment for landlords who own four or more properties has become "more challenging" over the past twelve months,""but this remains an important element of the private rental sector and it is great to see Virgin broadening its proposition in the portfolio market".
“Today’s announcement will offer professional landlords who own multiple properties, more choice, at attractive rates.
“The incentives, such as free basic valuations, legal work or cashback, underline the competitive nature of the buy to let market at present. This is all very good news for landlords who continue to invest in UK rental property.”
