Virgin Money targeting buy-to-let landlords
There is a huge amount of competition in the buy-to-let mortgage market at the moment and lenders are particularly keen to lend to experienced landlords. Virgin Money for Intermediaries is one lender offering low buy-to-let mortgage rates and they have particularly high lending targets. As an added incentive they are paying £750 cash back with each new mortgage and this is paid on completion.
Trinity Financial has access to their lowest two-year fixed rate for landlords with a 40% deposit at 3.38% and their five-year fix at 3.99%. For those landlords with a 30% deposit, rates are slightly higher with the two-year fix at 3.65% and the five-year fix at 4.09%.
All rates have £1,995 arrangement fees. Virgin Money for Intermediaries will lend a maximum of £3 million over 10 mortgages and up to 20% of any development " for example, blocks of flats or a housing estate.
The maximum loan-to-value available for new build flats is 70%. Virgin's standard variable rate is 4.79%.
If you would like help to remortgage your property portfolio we are buy-to-let specialists. Call us on 020 7016 0790.
August 23, 2013
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