Virgin Money is reducing selected mortgage rates and introducing new buy-to-let rates, effective from today (15th September). Virgin is cutting rates on 2-year and 5-year fixed rate mortgages for various loan-to-value (LTV) ratios, along with launching new buy-to-let portfolio rates.
The 65% LTV 2-year fixed rate will drop by 0.05% to 5.60%, and the 75% LTV 2-year rate will go down by 0.10% to the same figure. The 85% LTV 2-year rate will decrease by 0.03% to 5.85%. For 5-year fixed rates, the 65% LTV rate will drop by 0.06% to 5.07% and the 75% LTV rate will see a 0.03% reduction to 5.10%.
In the fee-saver category, the 65% LTV 2-year rate will be reduced by 0.10% to 5.87%. The 75% LTV 2-year rate will go down by 0.12% to 5.87%, and the 85% LTV 2-year rate will drop by 0.07% to 6.22%. For 5-year rates in this category, the 65% LTV rate will be reduced by 0.09% to 5.19%, the 75% LTV rate by 0.05% to 5.23%, and the 85% LTV rate by 0.03% to 5.39%.
New buy-to-let portfolio rates are also being introduced with a £2,195 fee. These include a 50% LTV 2-year rate at 6.06%, a 60% LTV 2-year rate at 6.15%, and a 75% LTV 2-year rate at 6.18%. New 5-year rates are a 50% LTV at 5.62%, a 60% LTV at 5.67%, and a 75% LTV at 5.82%.
Additional changes include reductions of up to 0.10% on selected product transfer fixed rates, with new rates starting from 5.18%.
