Mortgages  

Virgin Money updates residential and buy-to-let ranges

Virgin Money updates residential and buy-to-let ranges

Virgin Money has reduced rates on selected products across its core residential and buy-to-let mortgage ranges.

It has also increased cashback on buy-to-let intermediary exclusives from £500 to £750 for a limited period. Cashback of £1,500 remains available on its buy-to-let Stamp Duty Buster products.

Residential product changes

Selected two and three-year fixed rates between 65 and 90 per cent LTV reduced by up to 0.20 per cent

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Two-year fixed rate at 65 per cent LTV, now at 1.69 per cent (£995 product fee)

Two-year fixed rate at 90 per cent LTV, now at 2.47 per cent (£995 product fee, £300 cashback for next time buyers, £500 cashback for first time buyers)

Three-year fixed rate at 65 per cent LTV, now at 1.99 per cent (£995 product fee)

Virgin Money’s commercial director for mortgages Peter Rogerson said that these changes demonstrate continued support for both residential borrowers and landlords.

Buy-to-let product changes

Three-year fixed rate at 75 per cent LTV, now at 3.74 per cent (£995 product fee, £500 cashback)

Five-year fixed rate at 75 per cent LTV, now at 3.69 per cent (£1,995 product fee, £500 cashback)

Five-year fixed rate at 75 per cent LTV, now at 3.79 per cent (£995 product fee, £500 cashback)

Daniel Bailey, mortgage adviser at Derbyshire-based Middleton Finance, agreed that this was good new for borrowers, just when it looked like lenders could not cut rates much lower.

“The increase in the cash back from £500 to £750 for a limited period of time for buy-to-let products is positive news for investors.

“A two-year fixed rate at 90 per cent LTV at 2.47 per cent with £500 cash back is great news for first time buyers; a very competitive rate and the cash back will help with associated buying costs.”

peter.walker@ft.com