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Virgin cuts rates and launches exclusives; Newcastle BS revamps large loans ‒ round-up

  • 26/09/2023
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Virgin cuts rates and launches exclusives; Newcastle BS revamps large loans ‒ round-up
Virgin Money will bring out new exclusive products from tomorrow, alongside rate reductions on existing deals.

On buy-to-let portfolio deals, a host of fixed rates for remortgage and purchase are being launched with a three per cent fee. These include a two-year fixed rate available up to 60 per cent loan to value (LTV) at 5.17 per cent and a five-year fixed rate available up to 75 per cent LTV at 5.57 per cent.

On purchase deals, fixed rates which come with a £1,295 fee are being reduced by up to 0.17 percentage points. As a result they will start from 4.82 per cent.

Meanwhile fixed rate products with free valuations will see their rates drop by 0.13 per cent, so that they will begin from 5.09 per cent.

In addition, exclusive remortgage rates will be dropped by up to 0.18 per cent, core residential and buy-to-let rates will be cut by up and 0.38 per cent and selected product transfer deals will drop by up to 0.26 per cent. As a result those product transfer deals will start from 5.17 per cent.

Newcastle BS revamps large loans 

Elsewhere Newcastle Intermediaries has announced changes to its large loan criteria, alongside launching a new range of products.

The mutual has increased its maximum loan amount from £2m to £3m, as well as increasing the maximum LTV to 60 per cent for interest-only borrowers looking to downsize via the sale of a mortgage property.

Its new range includes a two-year fixed rate at 6.45 per cent available up to 65 per cent LTV and a five-year fixed rate at 6.15 per cent up to the same LTV level. Both deals come with £1,499 product fees, and are available up to 5.5 times income.

Franco Di Pietro, head of intermediary mortgages at Newcastle Building Society, said the mutual was always looking to utilise intermediary feedback when refining its product range.

He continued: “These criteria enhancements, alongside the new products in our large loans range, enable us to continue to deliver a great range of options for brokers in meeting the needs of their higher-earning clients. This continued focus on our large loans proposition demonstrates our commitment to supporting our intermediary partners and their clients.”

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