Virgin Money accepting foreign income to help landlords qualify for buy-to-let mortgages
Virgin Money is one of a limited number of high street lenders accepting foreign income to help landlords qualify for its buy-to-let mortgages.
As applicants will need to reside in the UK to qualify and provide three years address history, this niche bit of criteria is suitable for professional clients working overseas and regularly returning to the UK.
The bank will accept non-GBP/£Sterling income and requires evidence of a minimum personal combined gross income of £25,000 excluding income received from BTL properties.
Where personal income is used for affordability, a minimum combined gross income of £50,000 is required.
Aaron Strutt, product director at Trinity Financial, says: “There is a selection of lenders taking foreign income to qualify for buy-to-let but many of the lenders will not be offering such competitively priced rates.
“To work out the maximum loan size, the rental income must cover 145% of the mortgage interest. All products will be calculated at a notional rate of 5.50% with the exception of the five-year fixed rates will be calculated at 5.00%.”
Click here to use our buy-to-let mortgage calculator.
Call Trinity Financial on 020 7016 0790 to secure a foreign income mortgage