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Virgin cuts remortgage rates; Gen H changes revert rate and Molo slashes BTL costs – round-up

  • 23/01/2024
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Virgin cuts remortgage rates; Gen H changes revert rate and Molo slashes BTL costs – round-up
Virgin Money has lowered remortgage exclusives, purchase and remortgage exclusives over £1m and buy-to-let exclusives by up to 0.65 per cent.

Within its remortgage exclusive range, two-year fixed rates with £995 fee will be cut by 0.29 per cent and begin from 4.64 per cent.

Five-year fixed rates with £995 and fee-saver deals will fall by up to 0.54 per cent, starting from 4.19 per cent and 4.39 per cent respectively.

Two and five-year fixed rate purchase and remortgage exclusives for loans of £1m or more with £1,995 fee at 75 per cent loan to value (LTV) will go down by 0.4 per cent and are priced from 4.37 per cent.

In its buy-to-let exclusive range, two and five-year fixed rates with £2,195 fee have decreased by 0.32 per cent and 0.29 per cent respectively. Pricing starts from 4.51 per cent and 4.2 per cent apiece.

Two and five-year fixed rates with one per cent fee will go down by around 0.65 per cent and 0.3 per cent and will begin from 4.64 per cent and 4.34 per cent respectively.

Two and five-year fixed rates with a three per cent fee will fall by around 0.45 per and 0.37 per cent. Rates begin from 3.87 per cent and 3.97 per cent respectively.


Gen H changes revert rate and SVR

Gen H has introduced a revert rate for new business of the base rate plus two per cent and lowered its standard variable rate (SVR) for existing customers by two per cent to 7.25 per cent.

The lender said that whether a homeowner is on the SVR or revert rate for flexibility to overpay without fees or because they are unsure of next steps at the end of their term, “the rate they pay should be as low as it can be”.

The lower rates will also insulate homeowners from possible payment shocks, the lender said.

Pete Dockar, Gen H’s chief commercial officer, said: “For many homeowners, variable rates are a frightening thing, because they’re typically much higher than the fixed rates available to lock in. We don’t want to encourage people onto the revert rate, but we realise that sometimes, life happens – you might miss your deadline to lock in a new fix, you may want to wait for lower rates to come along, or you may want the flexibility to make big overpayments without extra fees.

“In all of these cases, customers deserve a more affordable alternative to the opaque variable rates offered by many high street banks. Homeowners shouldn’t be punished for not locking in a fix.”


Molo slashes fixed rates

Molo has made “substantial reductions” of up to 0.71 per cent across its buy-to-let fixed rates, with changes effective from today.

The firm said that two-year fixed rates begin from 3.95 per cent and five-year fixed rates start from 5.19 per cent for both individuals and limited companies

Specialist product rates begin from 4.04 per cent for a two-year fixed rate, available for houses in multiple occupation (HMO), multi-unit freehold blocks (MUFB), holiday lets, and new build properties.

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