Buy to Let mortgage rates moving down not up with Virgin!

by Neil Patterson

11:08 AM, 20th June 2014
About 5 years ago

Buy to Let mortgage rates moving down not up with Virgin!

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Buy to Let mortgage rates moving down not up with Virgin!

Despite the Press and politicians misreporting and misunderstanding Mark Carney’s (the Governor of The Bank of England) latest comments, Virgin Money have actually reduced their Buy to Let mortgage rates for lower Loan to Values.

Mr Carney did not say interest were definitely going up this year and Virgin Money are proving that point by today releasing their new product range revisions.

Two main niche criteria for Landlords that Virgin will assist with are remortgaging inside 6 months of the original purchase date (excellent for cash and auction buyers) and First Time Landlords.

Key changes to product rates are:

  • 2 year fixed rates have been reduced by up to 0.16%, with £1,995 fee products available from 3.25% at 60% LTV
  • 3 year fixed rates have been reduced by up to 0.50%, with £995 fee products available from 4.09% at 60% LTV
  • 5 year fixed rates have been reduced by up to 0.21%, with £1,995 fee products available from 3.95% at 60% LTV
  • 2 year trackers with £995 fee now start from 3.09% at 60% LTV

A £500 Cashback incentive is available across all BTL products. Fee Saver Options, where no product fee is payable, are available fixed rate products, but the interest rate is increased relative to the length of the term.

Products are stress tested at 5.99% notional rate and 125% interest cover meaning you can borrow a maximum of 160.26 times the monthly rental income.

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Comments

Howard Reuben CeMap CeRER

12:56 PM, 20th June 2014
About 5 years ago

VM also provide funding for up to 10 properties for purchase or remortgage and no limit to a property portfolio held outside Virgin Money and also the maximum loan size is £1 million with no minimum loan size.

Of course there are other criteria conditions too, and other products are available! 🙂

All in all though, nice one VM!

Howard

Sian Wyatt

13:18 PM, 20th June 2014
About 5 years ago

How do they feel about HMOs and second loans secured on the property?

Neil Patterson

13:37 PM, 20th June 2014
About 5 years ago

Hi Edna,

VM would always want the first legal charge however they do not lend on HMOs

Exhaustive list below of unacceptable properties - just because I found it 🙂

houses in multiple occupation

properties where the unexpired lease term is less than 30 years at the end of the mortgage term

mobile homes/caravans/park homes/houseboats

working farms, smallholdings and houses subject to an agricultural occupancy restriction

properties with occupancy restrictions including retirement flats and sheltered accommodation

properties with occupancy restrictions including retirement flats and sheltered accommodation.

shared ownership properties

affordable housing properties

uninsurable properties

properties built using high alumina cement or Mundic not classified as Class A or A/B following a
Petrographic Test

single leaf brick offshoots/extensions (unless the
single skin element relates to a non-habitable room)

PRC Homes not repaired under an approved scheme

Properties with Pre – emption Clauses

Properties constructed using concrete Large Panel Systems (LPS)

Studio Flats

Properties with Overage Clauses

Properties with ongoing structural issues

Properties altered/adapted for commercial use

Landlocked properties

Properties with greater than 5 acres of land as part of the title

Self Build Properties whilst under construction and not habitable

Properties where power lines or electricity supply appar
atus are located directly over and/or on the site


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