Virgin Money cuts buy to let mortgage rates

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Virgin Money has recently revealed a host of newly cut rates, including selected two, three and five year fixed deals for buy to let mortgage rates and residential mortgages by up to 0.6%.

The range of new products now available include two year fixed rates up to 70% loan to value (LTV) which will now start from 2.09% with a £1,995 product fee and £500 cashback, or a five year fixed rate at 3.24% with a £995 product fee plus £500 cashback.

Two-year tracker rates up are also now available up to 75% LTV with a reduced rate of 2.29%.

Three year fixed residential rates at 70% LTV will start from 1.79% with a £995 product fee and £300 cashback for purchases. Three year fixed rates up to 75% LTV have also been reduced to 1.84% or 1.89% at up to 80% LTV.

Meanwhile, five year fixed residential rates witnessed rate cuts to 2.18% at 65% LTV, 3.19% at 85% LTV or 4.19% at 95% LTV. On top of this, all five year fixed rates equally come with no product fee.

The new reductions are designed to ensure attractive options remain for both purchase and remortgage customers on residential or buy to let properties for a range of different deposit levels.

Also looking to remain competitive in the current market, Leeds Building Society has decided to cut the rate on its 10 year fixed rate available up to 65% LTV to 2.55%, as well as launching a new 10 year fixed product at 2.75%, which comes with tapered early repayment charges for the first five years and none for the remaining term.

This is an excellent deal for customers looking for long term security, yet are reluctant to tie into a full 10-year period. This compromise allows borrowers to redeem without penalty after the five years is up, while still providing the necessary security but with the added flexibility of being able to switch or pay off the mortgage sooner, if they wish.