News
Virgin Money cuts BTL rates and adds deals
Virgin Money has lowered select buy-to-let (BTL) mortgage rates and added deals to its residential offering.
Virgin Money’s reductions include a five-year fix at 75% loan to value (LTV) with a £2,195 fee, which has seen the rate reduced from 4.77% to 4.72%.
The alternative for landlord borrowers with a portfolio has also been reduced by the same amount to 4.92%.
These products are available within its exclusive range.
Across its product transfer offering, Virgin Money has cut fixed rates for BTL borrowers by 0.1%, with pricing now starting at 4.51%.
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Product launches
Virgin Money has launched five-year fixes at 60% LTV with a £2,195 fee, with a rate of 4.67% or 4.87% for portfolios.
It has also added a Fix and Switch product to its residential remortgage range for borrowing amounts of £500,000 or more. This is available at 75% LTV with a £1,495 fee and a rate of 5.24%.
The maximum loan size for the existing Fix and Switch residential remortgage at 75% LTV with a £1,495 fee has been reduced to £500,000. This has a rate of 5.14%.
This morning, Virgin Money released its trading update for the second quarter of its financial year, where it announced a decline in its mortgage book due to a subdued market.