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Virgin joins sub-four per cent cohort; Newbury BS cuts BTL rates and removes fees – round-up

  • 11/01/2024
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Virgin joins sub-four per cent cohort; Newbury BS cuts BTL rates and removes fees – round-up
Virgin Money has joined the set of lenders offering mortgages with sub-four per cent rates after several rate reductions.

Rates start from 3.88 per cent for a product transfer at 65 per cent loan to value (LTV) with a £1,495 fee, while two, three and five-year fixed product transfers with a £995 fee begin from 3.93 per cent.  

Within its purchase exclusive range with £500 cashback and a £1,295 fee, two-year fixed rates have been cut by up to 0.16 per cent and now start from 4.47 per cent. The five-year fixed equivalents start from 3.92 per cent. 

Fee-free options start from 4.79 per cent for a two-year fix and 4.25 per cent for a five-year fix after rate cuts of 0.3 and 0.35 per cent respectively. 

For professionals, the purchase exclusives with £300 cashback have been cut by up to 0.8 per cent and now start from 4.87 per cent for a two-year fix or 4.26 per cent for a five-year fix. 

These products have no fee. 

Virgin Money’s two-year fixed remortgage exclusive with a one per cent fee at 60 per cent LTV has been reduced by 0.1 per cent to 4.24 per cent, and the five-year fix has fallen by the same amount to 4.39 per cent. 

The rate changes apply from 12 January. 


Newbury BS 

Newbury Building Society has amended its buy-to-let mortgages for limited company, holiday let and expat borrowers. 

The mutual has also removed booking fees across all products. 

This includes a five-year fix at 75 per cent LTV which has been reduced from 5.79 per cent to 5.49 per cent, and a limited company option at the same tier which has gone from 6.29 per cent to 5.89 per cent. 

Its expat option has been reduced from 6.69 per cent to 6.29 per cent, while holiday let rates have seen cuts of 0.2 per cent to 6.49 per cent for limited company borrowers and 6.29 per cent for individual borrowers. 

The three-year discount rate for expat borrowers is now 1.25 per cent below the standard variable rate (SVR) instead of 0.25 per cent while the option for holiday let borrowers is also 1.25 per cent lower than the SVR, previously one per cent. 

The three and five-year discount rates for standard buy-to-let borrowers have been increased to 1.75 per cent. The discount rate for limited company borrowers is now 1.5 per cent. 

Roger Knight, lending manager at Newbury Building Society, said: “It makes for a very positive start to the new year when we’re able to make such a large swathe of reductions and improvements to our buy-to-let products. 

“The Newbury has always been known for its flexible approach to specialist mortgage lending and we know many brokers turn to us for more complicated or unusual buy to let cases. We’re very pleased to have been able to respond to the increased stability within the mortgage market in this way.” 

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