Virgin Money has introduced a new range of intermediary exclusives this week, as well as reducing its buy to let mortgage range. Changes to intermediary exclusives include a 2 year fixed rate at 50% loan to value (LTV) at 2.02%. This deal is available for remortgages only with a £1,995 product fee and £500 cashback.
A 5 year fixed rate at 50% LTV now stands at 3.09% for remortgages only, also with a £1,995 product fee and £500 cashback. This comes alongside the lender’s latest 2 year fixed rate at 2.39% for 60% LTVs with a £995 product fee and £500 cashback.
As far as Virgin Money buy to let rates for its core range are concerned, 2 year fixed rates at 75% LTV have been reduced to 2.54% with a £1,995 product fee and £500 cashback. 2 year tracker mortgages at 60% LTV have also seen reductions to 2.09%, which comes with a £995 product fee and £500 cashback.
2016 is set to introduce improvements across the lender’s whole mortgage range, with new products offering competitive rates to landlords, especially those with low LTVs.
Not only reducing selected core products and introducing buy to let exclusives, Virgin Money has also unveiled a mortgage range designed to help first time buyers with a 5% deposit to allay the cost of stamp duty charges. This new stamp duty exclusive range includes a 2 year fixed rate at 95% LTV priced at 4.29%, as well as a 5 year fix at 4.79%. Both these products have no fee and come with £1,500 cashback, making it a particularly sweet deal for first time buyers at a competitive rate.
The lender’s help to buy 5 year fixed equity loan at 75% has been discounted to 2.68% with a £995 product fee, whereas the fee-free option is priced at 2.93% (both deals come with £500 cashback.)
In other news, Virgin Money’s residential range has witnessed reductions of 0.31 of a percentage point for 2 year fixed to 3.98% with product fee and £300 cashback. 5 year fixes have equally been lowered by 0.2 of a percentage point to 4.69%, which comes with no fee and £300 cashback.