Virgin Money has introduced updates to its mortgage offerings, including the launch of a new product and adjustments to existing rates.
From tomorrow (14th January), the lender will introduce a new product under its buy-to-let (BTL) Exclusive range.
This product is an 80% loan-to-value (LTV) 2-year fixed-rate mortgage with a 1% fee, available at a rate of 5.40%.
Additionally, the end dates for this and other relevant products will shift to 1st April of the applicable year.
Alongside this new offering, Virgin Money will implement several changes to its mortgage rates at 8pm today.
Under the Exclusive range, the 80% LTV purchase 2-year fixed-rate products will be withdrawn.
Meanwhile, rates for Retrofit Boost 5-year fixed-rate products will increase by up to 0.20%.
Rates for the lender’s Own New 2- and 5-year fixed products, with LTVs of up to 85%, will also rise by up to 0.20%, as will selected £1m-plus 2- and 5-year fixed-rate mortgages.
In addition, BTL 2- and 5-year fixed rates with a £2,195 fee will see a 0.10% increase, while buy-to-let 5-year fixed-rate products with a 1% fee for loans up to 75% LTV will increase by 0.05%.
In the Core range, Virgin Money is increasing rates for 65% and 75% LTV purchase 2- and 5-year fixed-rate products by 0.20%.
The 85% LTV purchase 5-year fixed-rate product will increase by 0.10%, and selected Shared Ownership fixed-rate products will see an increase of up to 0.20%.
For remortgage products, rates for the 65% and 75% LTV 5-year fixed-rate options will rise by up to 0.20%.
Lastly, for product transfers, Virgin’s 65% LTV 5-year fixed-rate product will see a 0.10% increase.
Virgin Money urged brokers and applicants to submit any applications for products affected by these changes by 8pm today.
