Virgin Money to reduce rates on residential and buy-to-let range

Virgin Money will be reducing rates on its residential and buy-to-let mortgage range from tomorrow.

The rate on the two-year fixed mortgage for residential customers, up to 60 per cent LTV, will be available from 2.79 per cent from tomorrow – a 0.10 per cent reduction – with a £995 product fee.

Up to 70 per cent LTV, a two-year rate will be reduced by 0.16 per cent to 2.99 per cent, with a £995 product fee, and by 0.20 per cent to 3.35 per cent with no fee.

The rate on a two-year tracker up to 70 per cent LTV will come down by 0.16 per cent to 2.99 per cent, with a £995 product fee, and by 0.20 per cent to 3.35 per cent with no product fee.

Virgin Money’s intermediary sales director Richard Tugwell says: “We are delighted to announce these rate reductions across our product range, once again demonstrating our commitment to support the mortgage market with new lending. The changes will help buy to let customers in particular, with both lower rates and increased cashback available.”

With the buy-to-let range, the rate on the two-year fixed rate product at 60 per cent LTV, with a £1,995 fee, will be reduced by 0.20 per cent to 3.59 per cent. A two-year fixed rate up to 60 per cent LTV with a 2.5 per cent product fee will reduce by 0.36 per cent to 3.49 per cent while the rate on the equivalent product up to 70 per cent LTV will come down by 0.39 per cent to 3.89 per cent.

A five year fixed rate on the buy-to-let range, up to 60 per cent LTV and with a 2.5 per cent product fee will reduce by 0.30 per cent to 4.19 per cent. The equivalent product with a £1,995 product fee will reduce by 0.20 per cent to 4.39 per cent.

Cashback on all buy to let products will increase to £750.