Virgin Money has made improvements to some of its exclusive buy to let products this week, now reducing selected 2 and 3 year buy to let fixed rates by up to 0.07%. The lender has also highlighted great news for potential buy to let investors, and has removed its £99 application fee from all buy to let products for a limited time!
Products facing the lender’s latest reductions include 2 year fixed rates of 1.99% at 50% loan to value (LTV) with a £1,995 product fee and £500 cashback, as well as 2 year fixes at 60% LTV with a 2.02% rate and a £1,995 product fee and £500 cashback. 3 year fixed rates at 2.65% and 60% LTV with the same fees have also been reduced. These are available exclusively to remortgage customers.
As far as Virgin Money’s buy to let products are concerned, 2 year fixed rates of 3.19% at 60% LTV will equally be reduced, as well as 5 year fixed rates at 3.59% – both with no product fee and £500 cashback.
The lender has also applied changes to its core residential rates, including 3.79% 2 year fixed rates at 95% LTV with no product fee and £300 cashback, as well as 5 year fixes of 2.29% at 65% LTV with a £995 product fee.
Virgin Money isn’t the only lender revamping its product offering right now, with Clydesdale Bank also applying changes to its core range, as well as increasing the maximum loan size from £350,000 to £500,000 on selected residential and buy to let products. Both these lenders have proven an example of many current lenders in the market, aiding the buy to let sector in wake of recent changes (and in preparation for more to come this year).
Clydesdale’s cheapest 2 year fixed remortgage rate now stands at 1.79% for 60% LTVs and 1.99% for 2 year fixes at 75% LTV. Not only this, buy to let 2 year fixed rates at 75% LTV with no arrangement fees and free standard valuation, now stands at 3.79%.