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Virgin Money introduces portfolio BTL lending

Martin Greenland | 14:16 Thursday 28th June 2018

Virgin Money has expanded its buy-to-let proposition to accept applications from portfolio landlords with immediate effect.

The specialist bank will now accept applications from portfolio landlords with a maximum of 10 mortgaged buy-to-let properties and an unlimited number of mortgage-free properties, up to a maximum exposure of £3m or five properties mortgaged with Virgin Money.

It has also increased its maximum loan term to 35 years from 25 years, with free basic valuations available on all buy-to-let remortgage applications with a choice of either free standard legal work or cashback.

In addition, the specialist bank has also partnered with risk software developer eTech, which will provide its online buy-to-let hub offering brokers an efficient, streamlined process to submit a client’s portfolio details.

Andrew Asaam, director of mortgages at Virgin Money, said that it was delighted to announce its launch into the portfolio landlord market and especially pleased to be partnering with eTech.

“Harnessing [its] technology to facilitate portfolio submissions will deliver a fantastic process for our mortgage brokers and complement our overall intermediary service.”

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