Virgin Money has unveiled a range of new residential and buy-to-let mortgages – including a product exclusive to intermediaries.
Available to remortgage customers, the exclusive deal is a two-year fixed rate at 1.19 per cent up to 50 per cent loan-to-value (LTV), with a £1,995 product fee and a minimum loan size of £300,000.
The lender’s product revamp means two-year fixed rate deals for residential borrowers are now available at 1.28 per cent up to 65 per cent LTV, 1.44 per cent up to 80 per cent LTV and 1.52 per cent up to 85 per cent LTV.
Those looking for greater certainty can opt for a five-year fixed rate at 1.82 per cent up to 65 per cent LTV.
For buy-to-let customers, five-year fixed rates are now available at 2.94 per cent up to 70 per cent LTV and 2.99 per cent up to 75 per cent LTV.
All of the above residential and buy-to-let products come with a £995 product fee.
Peter Rogerson, director of mortgages at Virgin Money, said: “We are continuously striving to enhance our mortgage proposition.
“We have made further improvements across our mortgage range, as we continue to offer attractive options for purchase and remortgage customers looking for residential and buy-to-let loans.”
Daren O’Brien, IFA at London-based Aurora Financial Solutions, said the new Virgin Money deals sounded competitive.
He said: "It is one of the better sounding rates – definitely at the good end of the market, and I can see them pulling in a fair amount of business.”
Commenting on the exclusive product, he added that a lot of clients are currently interested in fixing for five years and are not keen on up-front fees, which could prove a barrier to uptake.
simon.allin@ft.com
