Thursday, November 30, 2023
HomeMortgageVirgin Cash scraps ICR minimal source of revenue for landlords  

Virgin Cash scraps ICR minimal source of revenue for landlords  


Virgin Cash has scrapped its minimal source of revenue requirement for passion protection ratio for buy-to-let packages.   

Alternatively, the lender says that agents will nonetheless must enter all of the buyer’s source of revenue within the software.  

It provides that the place private source of revenue is used for affordability, the company nonetheless calls for a minimal private source of revenue of £50,000, now not together with source of revenue gained from buy-to-let homes.  

The trade additionally says that portfolio landlords can now have as much as 5 BTL homes in the similar postcode, corresponding to G1 2HL.   

Up to now, this was once limited to a postcode house, as an example, G1. This restriction does now not observe if the submitted software is a remortgage and not using a further borrowing.  

Previous this week, Virgin Cash introduced the withdrawal of all its 95% LTV mounted charges on what the lender described as a short lived foundation.  

It additionally mentioned that every one of its Assist to Purchase mounted charges could be withdrawn for brand spanking new consumers.  

Virgin Cash reported that it made the adjustments to the 95% LTV vary “As we overview our homebuyers proposition and observe marketplace stipulations.”  

It provides that the loans are nonetheless to be had as product transfers for current consumers.  

Additionally, this week the lender made plenty of cuts to its two-, three-, and five-year fixes of as much as 50 foundation issues. 




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