It also launches new products
Virgin Money has made new rate reductions across its buy-to-let, remortgage, and purchase mortgage products.
The changes include new exclusive deals and reduced rates for several fixed rate products, offering opportunities for borrowers seeking more competitive terms.
Among the new offers, the lender introduced a 60% loan-to-value (LTV) two-year fixed rate BTL mortgage at 4.19% with a £2,195 fee. A 75% LTV two-year fixed rate at 4.39% with the same fee is also now available.
Several other BTL products have seen rate reductions. The 60% LTV two-year fixed rate with a 3% fee has been lowered by 25 basis points (bps), bringing the new rate to 3.57%. The 75% LTV two-year fixed rate with a 3% fee has been decreased by 24bps to 3.72%. In addition, the 75% LTV five-year fixed rate with a 3% fee has been dropped slightly by 5bps to 3.78%.
For borrowers preferring a 1% fee option, the 60% LTV two-year fixed rate has been cut by 21bps, to 4.34%, and the 75% LTV two-year fixed rate has been reduced by 6bps to 4.54%.
In the remortgage market, Virgin Money’s 75% LTV Fix and Switch fee-saver product has seen a 10bps reduction, bringing the rate to 4.65%. The 85% LTV Fix and Switch fee-saver rate has also fallen by 10bps to 5.24%.
For residential purchases, Virgin Money has reduced its 90% LTV Fix and Switch fee-saver by 10bps, with the new rate set at 5.24%. The lender has also cut rates on BTL fixed rates with a £995 fee by up to 20bps, with rates starting at 4.19%.
These rate reductions follow a set of cuts Virgin Money made across its mortgage portfolio last week. The lender has also recently been in the spotlight following the announcement of its acquisition by Nationwide, a deal expected to position Nationwide as the second largest mortgage provider in the UK.
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