Virgin Money comes back to market with resi and BTL products for new customers

Img

The move comes after the lender temporarily withdrew several mortgage ranges for new customers on Monday due to volatile sterling funding markets, following Chancellor Kwasi Kwarteng’s tax-cutting mini-Budget last week. A host of other large and small lenders took the same action.

Virgin says its new core residential two, five and 10-year fixed-rate loans are available up to 95% loan-to-value from 5.29%. 

Its residential range includes a 90% LTV two-year fixed-rate loan, with a £995 fee, at 5.69% that comes with £300 cashback. It also carries a free valuation and free legals for remortgages.

A 90% LTV five-year fixed-rate deal, with a £995 fee, at 5.48% comes with £300 cashback. It includes a free valuation and free legals for remortgages.

And a 75% LTV 10-year fixed-rate offer, with a £995 fee at 5.30%, comes with £1,000 cashback.  It includes a free valuation and free legals for remortgages.

Its core and portfolio BTL two and five-year fixed-rate deals are available from 5.50%.

Among its core BTL range is a 75% LTV two-year fixed-rate loan, with a £995 fee, at 5.81%.

And a 75% LTV five-year fixed-rate deal, with a £995 fee, at 5.50%.

The firm says among its portfolio BTL range, rates are 10 basis points higher than the core BTL range.

So, a portfolio BTL 75% LTV two-year fixed-rate loan, with a £995 fee, is priced at 5.81%.

And a portfolio BTL 75% LTV five-year fixed rate deal, with a £995 fee, is priced at 5.60%.

The lender adds selected shared ownership, greener mortgages and Help to Buy fixed-rate offers are available from 5.24%.

The business says that its product transfer rates rose in line with its new customer rates at 8pm last night (Thursday 29 September).

It also asks brokers that in order to process applications “as quickly as possible”, they should “fully package their cases”.