Virgin Money has reduced the number of buy-to-let properties and the total outstanding mortgage balance borrowers can have with the bank.
The maximum number of buy-to-let properties landlords can have with Virgin Money has been reduced from ten to four.
The total exposure on all mortgages across buy-to-let properties held with the bank has also been lowered from £3 million to £2 million.
In a statement, Virgin said the changes were to reflect its target amateur landlord customer and to support the development of its proposition.
Aaron Strutt, product manager at Trinity Financial, says: “Virgin has some very competitive rates and they still have an attractive proposition particularly if you are looking to purchase a few properties. They will still accept clients with an unlimited amout of buy-to-let’s with other lenders.”
The changes will be implemented from Wednesday 8 July and will apply to all new applications made on, or after, this date.
For help to secure a buy-to-let mortgage, call Trinity on 020 7016 0790