Virgin Money has updated its mortgage range with a number of rate reductions on selected products.
The changes include a three-year fixed rate at 65 per cent loan-to-value at 1.94 per cent and a five-year fixed rate at 65 per cent LTV at 2.24 per cent, both with a £995 product fee.
The same five-year fixed rate at 65 per cent LTV also comes without a product fee, priced at 2.44 per cent.
In terms of the core buy-to-let range, its two-year fix at 60 per cent LTV is at 1.89 per cent, the three-year fix at 75 per cent LTV is at 2.89 per cent and the five-year fix at 70 per cent LTV is at 3.19 per cent, all with a £1,995 product fee and £750 cashback.
Finally, on the intermediary exclusive buy-to-let side, the two-year fixed rate at 50 per cent LTV deal is down to 1.87 per cent, while the five-year fixed rate at 50 per cent LTV is at 2.79 per cent, both for remortgage only with a £1,995 product fee and £750 cashback.
Peter Rogerson, Virgin Money’s commercial director for mortgages, said these selected rate reductions demonstrate the lender’s committed to supporting all segments of the mortgage market.
“The improved buy-to-let rates on the three and five-year terms offer landlords more certainty of their mortgage repayment over a longer period.”
David Hollingworth, associate director at London & Country Mortgages, said Virgin Money is a lender that has often shown it is prepared to rejig pricing to maintain its competitive edge and these changes should do just that.
“Residential rates are typically ‘there or thereabouts’ and the range incorporates deals with and without arrangement fees to broaden the scope.
The buy-to-let pricing looks particularly sharp and when the additional incentive of the £750 cashback is thrown into the mix, they look likely to attract plenty of admirers.”