New deals and rate reduction widen options for brokers and borrowers
Virgin Money, Dudley Building Society, and Fleet Mortgages have announced new mortgage products and rate reductions, providing brokers and borrowers with a wider range of financing options.
High street lender Virgin Money has introduced new Shared Ownership Greener New Build products, including an 85% loan-to-value (LTV) two-year fixed rate at 4.42% with a £995 fee and a 95% LTV two-year fixed rate fee-saver at 5.33%.
For buy-to-let borrowers, the lender has launched an exclusive remortgage offer, featuring a 60% LTV two-year fixed rate at 3.49% with a 3% fee and a 75% LTV five-year fixed rate at 4.04% with a 3% fee.
Virgin Money has also reduced rates across its portfolio, with selected 80% LTV purchase fixed rates cut by up to 0.13%, starting from 4.31%. Buy-to-let two-year fixed rates at 60% LTV have been lowered by 0.10% to 4.49%. The lender has withdrawn certain products, including its 75% LTV 10-year fixed rate at 4.89% for purchase and remortgage.
Dudley Building Society has also reduced rates by up to 0.39% on its discounted mortgage products. The changes include a drop in the residential expat two-year discount rate to 5.70% from 6.09%, a reduction in the buy-to-let expat two-year discount rate to 5.85% from 6.19%, and a lower rate for the holiday let expat two-year discount at 5.95% from 6.19%.
In addition, the mutual has introduced five-year fixed rate products across residential, buy-to-let, and holiday let segments. New offerings include a 75% LTV residential five-year fixed mortgage at 5.28%, a 90% LTV residential five-year fixed at 5.34%, and an 80% LTV holiday let five-year fixed at 5.38%. Loan sizes range from £25,000 to £1 million.
Meanwhile, Fleet Mortgages has launched a range of five-year fixed rate buy-to-let products at up to 55% LTV, targeting standard, limited company, and house in multiple occupation (HMO)/multi-unit block (MUB) landlords. The standard and limited company options include a 4.79% mortgage with a 3% fee (minimum £750) and a 5.34% mortgage with a fixed £999 fee.
For HMO/MUB borrowers, Fleet offers a 5.19% mortgage with a 3% fee (minimum £750) and a 5.74% mortgage with a fixed £999 fee. The standard and limited company products also include free valuations for properties up to £500,000.
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