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Virgin Money adds deals and changes rates; Buy to Let by Foundation slashes rates – round-up

  • 29/05/2024
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Virgin Money adds deals and changes rates; Buy to Let by Foundation slashes rates – round-up
Virgin Money has increased select mortgage rates, including shared ownership and product transfer deals, and has brought out new products.

The products from Virgin Money will be available from 30 May.

On the purchase exclusive side, the firm is bringing out a five-year fixed rate greener new build with a £995 fee and £300 cashback at 4.87%.

Within its product transfer range, the lender is bringing out a residential two-year early repayment charge (ERC) free tracker with a £495 fee at 6.19%.

The firm is also adding a buy-to-let (BTL) two-year ERC-free tracker with a £995 fee at 6.45%.

From 8pm today, Virgin Money is adding a two-year fixed shared ownership fee-saver at 85% loan to value (LTV), which will go up by 0.1% to 5.39%.

The lender is also adding a two-year flexi tracker product transfer at 85% LTV with a £995 fee, which will fall by 0.24% to 6.15%.



Buy to Let by Foundation cuts core and specialist rates

Buy to Let by Foundation has lowered core and specialist rates by up to 0.5% and brought out a five-year fixed rate for portfolio landlords at 4.99%.

Within its core range, the lender has cut five-year fixed rates in its F1 range – aimed at portfolio and non-portfolio landlords with an almost clean credit history – by up to 0.5%, with pricing beginning from 5.74%.

Within its F2 range – for borrowers with some historical blips on their credit rating – standard five-year fixed rates have decreased by 0.45% and start from 5.94%, while standard houses in multiple occupation (HMOs) five-year fixes have decreased by 0.2% and begin from 6.29%.

In its specialist range, the firm has added its portfolio landlord-only five-year fixed rate up to 75% LTV, starting from 4.99%. It has a 6% fee.

F1 standard two-year fixed rates have gone down by 0.15% and begin from 5.34%, while F2 HMO special two- and five-year fixed rates are priced from 5.39%.

Residential by Foundation has lowered rates by 0.1% for its F1 and F2 special fee-assisted two- and five-year fixed rates. Prices start from 6.44%.

Tom Jacob, director of product and marketing at Foundation Home Loans, said: “These buy-to-let changes, plus the reductions to our residential special fee-assisted products, provide advisers with options for clients who are just outside the mainstream or have some historical credit blips, with access to a range of highly competitive mortgages that match their needs.

“The specialist mortgage market is increasingly important in today’s economy, and the lower rates we are now offering should help borrowers meet their affordability criteria and secure the level of loans they require.

“Our three Foundation brands have a growing number and breadth of product options and, as a lender, we have the expertise in this area to be able to help our intermediary partners secure the positive outcomes required for their clients.”

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