Virgin Money  

Virgin Money overhauls buy-to-let range

Virgin Money overhauls buy-to-let range

Virgin Money has increased both the maximum age and maximum loan-to-value (LTV) available on its buy-to-let (BTL) mortgages.

The new buy-to-let products include a two-year fixed rate deal at 80 per cent LTV starting from 3.45 per cent with £1,995 fee.

A five-year fixed rate at 80 per cent LTV starting from 3.61 per cent with £1,995 fee is also available.

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The enhanced policy and new product range is available from today (November 12).

Andrew Asaam, director of mortgages at Virgin Money, said: "It is great news for landlords with smaller deposits that a well-known and trusted lender is entering this segment of the market.

"By extending our maximum lending age on buy-to-let, we are giving our landlords greater flexibility with how they manage their investments. These improvements demonstrate our commitment to improving choice for customers in the buy-to-let market."

For loans greater than 75 per cent LTV, the maximum loan size is £350,000.

The maximum lending age has also been increased to 85 from 75 across all buy-to-let products.

All buy-to-let purchase applications are available with £500 cashback.

Free basic valuations are available on all buy-to-let remortgage applications with a choice of either free standard legal work or £300 cashback.

Daniel Bailey,  principal at Middleton Finance, said: "Virgin increasing their maximum age is a positive step.

"I am seeing more older borrowers wanting to keep their property investments beyond 70 and Virgin have obviously seen there is a demand for this.

"The increase in the maximum LTV will be of value to some borrowers but it will still ultimately come down to the lenders rental calculation.

"While the rates on offer are competitive, the arrangement fees are on the high side.

"Brokers in particular will be glad to see the option of either free standard legal works or cashback."