It also launches new residential products
Virgin Money has announced rate changes on its buy-to-let and residential mortgage range, and introduced new residential products.
Two-year fixed buy-to-let remortgage exclusives with a £3,995 fee at 50% and 60% loan-to-value (LTV) have had their rates reduced by 0.45% to 4.18% and 4.28% respectively. The same products on five-year terms at 50% and 60% LTV had its rates cut by 0.34% to 4.20% and 4.25% respectively.
Rates of BTL portfolio two- and five-year fixed remortgage exclusives with a £3,995 fee have been reduced by up to 0.45%, while rates of selected two- and five-year fixed residential purchase exclusives have been lowered by up to 0.10%. Under the lender’s core range, selected residential and BTL two- and five-year fixed rates have been slashed by up to 0.33%.
Virgin Money has also introduced a new residential remortgage exclusive – a seven-year fix fee-saver at 4.34%, and new residential three-year fixed rates up to 90% LTV starting from 4.46%.
The new rates and products were made available on March 10. The full details of all mortgage products offered by Virgin Money can be found in its latest mortgage update.
“We know landlords looking for a new deal have seen market challenges over the last six months as rates have increased,” Richard Walker (pictured), head of intermediary sales at Virgin Money, said. “To assist BTL customers, we have made some reductions to our range with rates starting from 4.18% with a £3,995 fee.”
The lender has also increased rates on a number of residential mortgage products.
Rates of selected remortgage two- and five-year fixed residential exclusives were raised by up to 0.15%, while selected purchase two- and five-year fixed residential exclusives have been increased by up to 0.05%.
Under the lender’s core residential range, the rate of its 75% LTV 10-year fix with a £995 fee has been hiked by 0.20%, while selected two-year fixes had their rates increased by up to 0.04%.
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