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Virgin Money cuts rates on BTL range by up to 0.54%

Virgin Money is cutting rates on its buy-to-let range by up to 0.54 per cent from tomorrow in addition to cutting selected residential fixed and tracker rates by up to 0.15 per cent.

The largest reduction is being made to the two-year fixed rate up to 60 per cent LTV product from the buy-to-let range. The rate is being reduced from 4.29 per cent to 3.75 per cent. The mortgage requires a £995 product fee.

Additionally, £750 cashback is being extended across the entire buy-to-let range.

From the residential range, a new two-year fixed rate at 2.19 per cent is available exclusively through intermediaries registered with a Virgin Money national account. The product is available for both purchase and remortgage customers and has a maximum loan size of £300,000 and a £1,095 product fee.

A three-year fixed and tracker rate of 2.39 per cent will become available after a 0.15 per cent reduction from 2.54 per cent. The product requires a £995 product fee.

Virgin Money director of intermediary relationships Richard Tugwell says: “We are delighted to announce these changes to our mortgage range, including the new exclusive product for intermediaries. This new deal demonstrates our commitment to offer attractive products to customers and to put the relationships with our intermediary partners at the heart of our mortgage business.”

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