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Virgin Money and Clydesdale Exit the BTL Market

Virgin Money and Clydesdale Exit the BTL Market

Virgin Money and Clydesdale Exit the BTL Market

Virgin Money and Clydesdale Exit the BTL Market

Rob Whitaker

Rob writes about portfolio strategy, BTL financing, and market timing from the perspective of an active property investor.

Property Filter News Desk

·

THE PROPERTY FILTER TAKE

  • Virgin Money and Clydesdale have both exited the buy-to-let (BTL) mortgage market - Clydesdale since March, Virgin Money from 28 April - while Fleet Mortgages has cut two-year fixed rates by up to 20 basis points (hundredths of a percentage point) on 75% loan-to-value (LTV) products.

  • Fewer mainstream lenders in BTL means less competition at the top of the market. From a portfolio perspective, your refinancing options narrow - particularly if you hold Virgin Money or Clydesdale products nearing their end date.

  • You may wish to review any upcoming BTL remortgages now and speak to your broker about alternatives, including The Mortgage Works and specialist lenders such as Fleet Mortgages.

Two mainstream lenders have pulled out of buy-to-let (BTL) mortgage lending. According to Mortgage Strategy (Becky Bellamy, 14 April 2026), Virgin Money will withdraw all new BTL products on 28 April. Clydesdale moved first - its new business BTL range was pulled in March and will not return.

Both lenders are directing brokers to The Mortgage Works, the specialist BTL arm of Nationwide, for new applications.

What This Means for Your Portfolio

From a portfolio perspective, losing two mainstream names tightens the field. Virgin Money and Clydesdale served landlords who wanted high-street credibility alongside competitive pricing. That option is gone.

The Mortgage Works is a credible landing spot - Nationwide's backing gives it scale. But if you hold products with either lender that are approaching their end date, you need to plan your exit route now. Waiting until expiry limits your options and likely costs you on rate.

Meanwhile, there is some good news on the pricing side. Fleet Mortgages has reduced two-year fixed rates by as much as 20 basis points on 75% loan-to-value (LTV) products carrying a 3% fee. The cuts apply across standard, limited company, and HMO/MUFB (multi-unit freehold block) ranges, per Mortgage Strategy's 14 April report. Five-year fixes and trackers are unchanged.

Rate Movements Elsewhere

Kensington is raising residential mortgage rates by an average of 0.10%, according to the same report. That is not BTL-specific, but it signals wider margin pressure across the market.

Chorley Building Society has simplified its BTL range. All BTL lending - including limited company, first-time landlord, and holiday let products - now sits on a single rate. Fixed rates at 60% LTV start from 5.39%, and at 80% LTV from 6.29%. Two-year discount rates at 60% LTV open at 4.49%, per Mortgage Strategy.

Principality Building Society is also in motion, increasing some rates by up to 23 basis points from 15 April, while reducing others. Over the cycle, these small movements compound. If you are mid-refinance, the timing matters.

Two mainstream lenders have pulled out of buy-to-let (BTL) mortgage lending. According to Mortgage Strategy (Becky Bellamy, 14 April 2026), Virgin Money will withdraw all new BTL products on 28 April. Clydesdale moved first - its new business BTL range was pulled in March and will not return.

Both lenders are directing brokers to The Mortgage Works, the specialist BTL arm of Nationwide, for new applications.

What This Means for Your Portfolio

From a portfolio perspective, losing two mainstream names tightens the field. Virgin Money and Clydesdale served landlords who wanted high-street credibility alongside competitive pricing. That option is gone.

The Mortgage Works is a credible landing spot - Nationwide's backing gives it scale. But if you hold products with either lender that are approaching their end date, you need to plan your exit route now. Waiting until expiry limits your options and likely costs you on rate.

Meanwhile, there is some good news on the pricing side. Fleet Mortgages has reduced two-year fixed rates by as much as 20 basis points on 75% loan-to-value (LTV) products carrying a 3% fee. The cuts apply across standard, limited company, and HMO/MUFB (multi-unit freehold block) ranges, per Mortgage Strategy's 14 April report. Five-year fixes and trackers are unchanged.

Rate Movements Elsewhere

Kensington is raising residential mortgage rates by an average of 0.10%, according to the same report. That is not BTL-specific, but it signals wider margin pressure across the market.

Chorley Building Society has simplified its BTL range. All BTL lending - including limited company, first-time landlord, and holiday let products - now sits on a single rate. Fixed rates at 60% LTV start from 5.39%, and at 80% LTV from 6.29%. Two-year discount rates at 60% LTV open at 4.49%, per Mortgage Strategy.

Principality Building Society is also in motion, increasing some rates by up to 23 basis points from 15 April, while reducing others. Over the cycle, these small movements compound. If you are mid-refinance, the timing matters.

SOURCES

Mortgage Strategy - Virgin, Fleet and Kensington announce product updates

This article is for informational purposes only and does not constitute financial, legal, or tax advice. Always consult a qualified professional before making investment decisions.

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