Virgin Money has launched into portfolio buy-to-let lending.
The lender will cater for landlords with up to 10 managed properties and landlords with an unlimited number of mortgage free properties up to a maximum exposure of £3m, or five properties mortgaged with Virgin Money.
Buy-to-let remortgage landlords will benefit from free basic valuations and either free standard legal work, or cashback.
David Hollingworth, associate director of communications, L&C Mortgages, said: “I think Virgin entering to portfolio landlords so obviously a good thing.
“One of the questions when tougher rules came in was whether portfolio landlords would see reduced choice but largely most lenders still continue to offer products and this is another example of a mainstream brand getting involved in that market.
“So from customer and broker point of view, it’s good to have another big lender who’s shown appetite in this area, offering more choice.”
In addition, the maximum loan term has been increased to 35 years from 25 years and free basic valuations are available on all buy-to-let remortgage applications with a choice of either free standard legal work or cashback.
Virgin Money has also partnered with property risk software developer eTech1 which provide its online buy-to-let hub, offering brokers an efficient, streamlined process to submit a client’s portfolio details.
Andrew Asaam, director of Mortgages at Virgin Money, said: “We’re delighted to announce our launch into the portfolio landlord market and especially pleased to be partnering with e-Tech.
“Harnessing their technology to facilitate portfolio submissions will deliver a fantastic process for our mortgage brokers and complement our overall intermediary service.”