Virgin Money has announced a series of changes to its buy-to-let lending criteria which it says will allow it to "say yes to more customers".
The lender has removed its minimum income requirement for interest coverage ratio (ICR) assessed buy-to-let applications. Virgin noted that brokers will still need to input all the customer’s income in the application.
Where personal income is used for affordability, Virgin will still require a minimum personal income of £50,000, not including income received from buy-to-let properties.
In addition, portfolio landlords can now have up to five buy-to-let 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 application being submitted is a remortgage with no additional borrowing.
