Virgin Money has announced a whole package of reduced mortgage rates, including changes across its residential and buy to let mortgage range. The lender will now be offering various string cashback incentives to improve overall product values for borrowers.
The latest changes to Virgin Money mortgage rates start with selected key residential mortgage products being reduced by up to 0.36%, including the firm’s 2 year fixed rate at 90% loan to value (LTV) which has been cut by 0.15% to 2.99% with no product fee and £300 cashback.
3 year fixed rates at 85% have also been reduced by 0.36% to 2.99% with no product fee, while 3 year fixed rates at 90% LTV have seen reductions of 0.35%; resulting in a rate of 2.78% with a £995 product fee, £300 cashback for purchases and £500 cashback for first time buyers.
Even Virgin Money’s 5 year fixed rate deal at 90% LTV has been reduced by 0.16% to 3.29% with a £995 product fee, which also comes with £300 cashback for purchases and £500 for first time buyers.
Buy to let products have also witnessed reductions of up to 0.35%. This includes Virgin Money’s 5 year fixed buy to let rate at 60% LTV being lowered by 0.24% to 3.15% with a £1,955 product fee and £750 cashback.
2 year fixed rates at 75% LTV have been lowered by up to 0.35, now starting from 2.59%. 2 year fixed rates at 60% LTV have seen reductions of 0.35% to 2.34% with a £995 product fee and £750 cashback, while other 2 year fixed rates at 60% witnessed a 0.3% reduction to 1.99% with a £1,955 fee and £750 cashback.
It seems Virgin Money shows no signs of taking its foot off the gas before December, as many lenders continue to compete at higher LTVs in preparation for the New Year – which comes as great news for landlords after the tough buy to let implications of the Autumn Statement.