Virgin Money will cut rates on selected buy-to-let and residential loans by as much as 45 basis points tomorrow (10 March), which will also see it launch two products.
The lender also lifts rates across several residential and residential exclusives by as much as 20bps at 8pm tonight (9 March).
The firm says reductions among its BTL remortgage exclusives cover:
- A BTL 50% loan to value two-year fixed-rate loan, with a £3,995 fee, will be reduced by 45bps to 4.18%
- · A BTL 60% two-year fixed-rate offer, with a £3,995 fee, will be reduced by 45bps to 4.28%
- · A BTL 50% LTV five-year fixed-rate deal, with a £3,995 fee, will be reduced by 34bps to 4.20%
- · A BTL 60% LTV five-year fixed-rate loan, with a £3,995 fee will be reduced by 34bps to 4.25%
- · And BTL portfolio two- and five-year fixed-rate deals, with a £3,995 fee will be reduced by up to 45bps
The lender also introduces a residential 75% LTV seven-year fixed-rate fee-saver at 4.34%.
It says at its residential purchase exclusive range, selected two- and five-year fixed-rate offers will be reduced by up to 10bps.
The business also debuts a residential three-year fixed-rate deal at up to 90% LTV, starting at 4.46%.
Also, selected residential and BTL two- and five-year fixed-rate loans will be reduced by up to 33bps.
Virgin Money head of intermediary sales Richard Walker says: “We know landlords looking for a new deal have seen market challenges over the last six months as rates have increased.
“To assist BTL customers we have made some reductions to our range with rates starting from 4.18% with a £3,995 fee.”
The lender adds that the following products will rise tonight:
Residential Exclusives
- Selected remortgage two- and five-year fixed-rate offers will be increased by up to 15bps
- Selected purchase two- and five-year fixed-rate deals will be increased by up to 5bps
Core residential
* A 75% LTV 10-year fixed-rate loan, with a £995 fee will be increased by 20bps
* And selected two-year fixed-rate deals will be increased by up to 4bps
