Virgin Money has amended its buy-to-let and residential mortgage criteria.
Within the firm’s BTL portfolio landlord range the maximum LTV has been increased from 70 per cent to 75 per cent, and previous property growth restrictions have been removed.
In addition, the lender has lowered the aggregate rental cover requirement from 145 per cent to 135 per cent, calculated at an interest rate of 5 per cent.
Residential criteria where the borrower owns a second residential mortgage has also seen its LTV increased, from 85 per cent to 90 per cent.
Furthermore, contractors who earn over £50,000 per year will now be considered if they can provide 12 months’ contracting experience, or two years in the same line of work. If this cannot be provided, the lender will consider the would-be borrower to be self-employed.
Virgin Money director of mortgages Andrew Asaam comments: “We regularly review our lending policy, taking into account feedback from our intermediary partners.
“This latest round of changes demonstrates our commitment to [make] it easier for intermediaries and their customers to do business.”