Virgin Money announces BTL rate cut

Virgin Money has announced a number of rate cuts across its residential and buy-to-let products.

A new £300 cashback incentive has also been launched for purchase customers on selected two, three and five-year fixed rates according to the lender.

Peter Rogerson, Virgin Money’s Commercial Director for Mortgages, said: “The reductions we have made to our range ensure that we continue to offer attractive options for purchase and re-mortgage customers looking for residential and buy-to-let loans at a range of different deposit levels. We think these products will be well-received by the market which remains upbeat, as reflected in our recent poll of intermediaries where nearly 80% said they expect the mortgage market to grow in 2017.”

New three-year fixed rates include a 70% LTV at 1.79%, 75% LTV at 1.84%, and an 80% LTV at 1.89%.

Five-year fixes are now available from 2.18% at 65% LTV. 85% LTV rates now start from 3.19% and 95% LTV rates are available from 4.19%.

Key changes to buy-to-let rates include a two-year fixed rate up to 70% LTV reduced to 2.09%, a five-year fixed rate up to 70% LTV reduced to 3.24%, and a two-year tracker rate up to 75% LTV reduced to 2.29%.