Virgin Money are a lender who works hard for their intermediary partners. So they’re pleased to announce they have reduced their buy-to-let stress rates.
What’s changed…?
The interest rate stress on 5+ year fixed products has been reduced to 4.50%, from 5.00%. The required rental cover remains at 145%.
Virgin Money apply a different interest rate stress on buy-to-let remortgages where there’s no additional borrowing. The interest rate stress has been reduced to 5.00% from 5.50% across all products, at 125% of rental income.
Summary of buy-to-let affordability policy
| Application Type | Rental Income | 5+ Year fixed products | All other products |
| Purchase | 145% | 4.50% | 5.50% |
| Remortgage with additional borrowing | 145% | 4.50% | 5.50% |
| Remortgage straight balance swap | 125% | 5.00% | 5.00% |
For full details of the BTL lending policy, visit the website or download the A-Z Lending Policy App, and get instant easy access to the lending policy on the go.
For any queries your dedicated Business Development Manager will be happy to help.
