On Friday 10th March, Virgin Money will implement changes to a number of its mortgage products.
The changes will include reductions to the rates of selected remortgage and residential purchase exclusives, as well as the introduction of new residential fixed rates.
For buy-to-let mortgages, the 50% loan-to-value (LTV) 2-year fixed rate with £3,995 fee will be reduced by 0.45% to 4.18%, while the 60% LTV 2-year fixed rate with £3,995 fee will be reduced by the same percentage to 4.28%.
The 50% LTV 5-year fixed rate with £3,995 fee will be reduced by 0.34% to 4.20%, and the 60% LTV 5–year fixed rate with £3,995 fee will be reduced by the same percentage to 4.25%.
BTL Portfolio 2- and 5-year fixed rates with £3,995 fee will also be reduced by up to 0.45%.
Additionally, a new residential remortgage 75% LTV 7-year fixed rate fee-saver will be introduced at 4.34%.
For residential purchase exclusives, selected 2- and 5-year fixed rates will be reduced by up to 0.10%.
In the core products category, new residential 3-year fixed rates up to 90% LTV will be introduced, starting from 4.46%, while selected residential and BTL 2- and 5-year fixed rates will be reduced by up to 0.33%. Its 75% LTV 10-year fixed rate with £995 fee will be increased by 0.20%.
Richard Walker, head of intermediary sales, said: “We know landlords looking for a new deal have seen market challenges over the last six months as rates have increased.
“To assist buy-to-let customers we have made some reductions to our range with rates starting from 4.18% with a £3,995 fee.”
