Tuesday, December 6, 2022
HomeLending MarketsVirgin Money scraps ICR minimum income for landlords  

Virgin Money scraps ICR minimum income for landlords  

Virgin Money has scrapped its minimum income requirement for interest coverage ratio for buy-to-let applications.   

However, the lender says that brokers will still have to input all the customer’s income in the application.  

It adds that where personal income is used for affordability, the firm still requires a minimum personal income of £50,000, not including income received from buy-to-let properties.  

The business also says that portfolio landlords can now have up to five BTL properties in the same postcode, such as G1 2HL.   

Previously, this was restricted to a postcode area, for example, G1. This restriction does not apply if the submitted application is a remortgage with no additional borrowing.  

Earlier this week, Virgin Money announced the withdrawal of all its 95% LTV fixed rates on what the lender described as a temporary basis.  

It also said that all of its Help to Buy fixed rates would be withdrawn for new customers.  

Virgin Money reported that it made the changes to the 95% LTV range “As we review our homebuyers proposition and monitor market conditions.”  

It adds that the loans are still available as product transfers for existing customers.  

Also, this week the lender made a number of cuts to its two-, three-, and five-year fixes of up to 50 basis points. 

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