Virgin Money is set to launch a series of new buy-to-let (BTL) mortgage products, featuring both 2-year and 5-year fixed rates, alongside adjustments to its existing offerings.
The new products include a 2-year fixed rate at 5.64% for 60% loan-to-value (LTV) purchases and remortgages, with a 1% fee. A similar LTV for 5 years is set at 5.09%. For a higher LTV of 75%, the 2-year fixed rate will start at 5.74%, and the 5-year fixed rate at 5.37%.
Additionally, Virgin Money is offering purchase-exclusive deals with a free valuation. These include a 65% LTV 2-year fixed rate at 5.05% and a 75% LTV at 5.15%, both with a £1,295 fee. 5-year fixed rates for the same LTVs are 4.60% and 4.70%, respectively.
Fee-saver options are also being introduced, with a 65% LTV 5-year fixed rate at 4.84% and a 75% LTV at 4.89%.
The lender has announced rate reductions as well, with purchase exclusives with a £1,295 fee cut by up to 0.05%, starting from 4.91%. Fee-saver purchase rates have been reduced by up to 0.08%, beginning at 5.07%. A 60% LTV remortgage exclusive has seen a reduction of 0.04%, now at 5.22%, and BTL remortgage and purchase exclusives with a £2,195 fee have been lowered by up to 0.10%, with rates starting from 4.96%.
Nick Mendes, mortgage technical manager at John Charcol, said: “Virgin exclusive deals are starting to become a weekly norm, this time a new BTL exclusive with a 1% Fee. Considering some of the higher sources products have arrangement fees between 3%-5% or hefty product fees, this latest deal from Virgin isn’t to be overlooked.”
