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Tomorrow (March 10), Virgin Money will cut rates on select purchase-to-let and home loans by as much as 45 basis points and launch two products.
The lender is also raising rates on several residential and exclusive residences by as much as 20 basis points tonight at 20:00 (March 9).
The firm states that discounts on exclusive BTL remortgage services apply to:
- A two-year loan with a fixed rate of 50% BTL and a fee of £3,995 will be reduced by 45 basis points to 4.18%.
- The 2-year offer with a BTL 60% flat rate and £3,995 commission will be reduced by 45 basis points to 4.28%.
- · A five-year BTL 50% LTV flat rate deal with a £3,995 fee will be reduced by 34 basis points. up to 4.20%
- · A five-year loan with a fixed interest rate of 60% LTV and a fee of £3,995 will be reduced by 34 basis points. up to 4.25%
- · And the 2 and 5 year fixed rate BTL portfolio with a fee of £3,995 will be reduced to 45 basis points.
The lender is also introducing a fixed seven-year flat fee of 75% LTV for residential properties of 4.34%.
He says his exclusive range of home purchases will see select two- and five-year flat-rate offers reduced to 10 basis points.
The business will also debut with a three-year fixed rate with LTV up to 90% starting at 4.46%.
In addition, selected two- and five-year fixed rate home loans and BTL loans will be reduced to 33 basis points.
Virgin Money head of intermediary sales Richard Walker says: “We know that landlords looking for a new deal have faced market challenges over the past six months as rates have risen.
“In order to help BTL customers, we have reduced our range a bit, with rates starting at 4.18% with a commission of £3,995.”
The lender adds that the following products will rise in price tonight:
Residential Exclusives
- Selected two- and five-year fixed-rate remortgage offers will be increased to 15 basis points.
- Selected 2- and 5-year fixed rate buy deals will be increased to 5 basis points.
Main residential
* A 10-year fixed rate loan of 75% LTV with a fee of £995 will be increased by 20 basis points.
* And selected 2-year fixed rate deals will be increased to 4 basis points.
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