Virgin Money increases maximum age on buy-to-let range

Virgin Money increases maximum age on buy-to-let range

Virgin Money has increased the maximum age across its buy-to-let lending criteria and launched offers tailored to landlords with smaller deposits.

The lender extended the maximum lending age from 75 to 85 across its entire buy-to-let range and also launched a new portfolio of 80 per cent loan-to-value (LTV) mortgages.

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

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Mr Asaam said he hoped the extension of the lender’s maximum age criteria would give landlords greater flexibility with how they managed their investments.

He added: "These improvements demonstrate our commitment to improving choice for customers in the buy-to-let market."

In Virgin Money’s 80 per cent LTV range, a two-year fixed rate is available at 3.45 per cent and a five-year fixed rate at 3.61 per cent - both with a £1,995 fee.

For loans greater than 75 per cent LTV, the lender offers a maximum loan size of £350,000.

Earlier this year Virgin Money reduced the interest stress rates on buy-to-let products and allowed a landlord's personal income to be considered in covering any shortfall in rent between 100 per cent and 145 per cent of mortgage payments. 

As of June, the lender also accepts portfolio landlord applications from borrowers with up to ten mortgaged properties and an unlimited number of mortgage free properties.

A £1.7bn merger between Virgin Money and CYBG went ahead last month.