Virgin Money is set to launch a number of Rate Reducer and Fix and Switch rates, as well as withdrawing selected pre-existing products from market.
Some of the new exclusive purchase Own New Rate Reducer products include an 85% loan-to-value (LTV) 2-year fixed rate with £250 cashback at 2.40%, a 90% LTV 2-year fixed rate with £250 cashback at 2.76% and an 85% LTV 5-year fixed rate with £250 cashback at 3.62%.
These products are for accredited brokers on applicable new-build properties.
In addition, the lender is launching new, exclusive buy-to-let purchase and remortgage – Fix and Switch fee-savers with 2-year Early Repayment Charges (ERCs).
These include a 60% LTV 5-year fixed rate at 5.39%, and a 75% LTV 5-year fixed rate at 5.49%.
Additional buy-to-let Fix and Switch products will also be launched with £1,495 fee and 2-year ERCs.
These include a 60% LTV 5-year fixed rate at 4.89% and a 75% LTV 5-year fixed rate at 5.04%.
The lender is also set to increase selected remortgage and purchase products by up to 0.10%, while a number of its buy-to-let and portfolio exclusive products will be withdrawn.
Craig Calder, head of secured lending at Virgin Money, said: “As part of our innovative Rate Reducer range it is great news that we are launching a new 3% incentive option as well as broadening the LTVs options.
“We are also expanding Fix and Switch to Buy-to-let customers.
“As a creative lender we’re always looking at new and inventive ways in which we can assist borrowers and the latest evolution of the Rate Reducer and Fix and Switch offers just that.”
