Virgin Money cuts resi and buy-to-let rates

From tomorrow the residential 2-year fixed rate will be reduced to 2.79% available up to 60% LTV with a £995 product fee.

At 70% LTV, the rate will be cut to 2.99% with a £995 product fee and 3.35% with no product fee. Both deals are also available as 2-year tracker rates.

Richard Tugwell, intermediary sales director at Virgin Money, said: “We are delighted to announce these rate reductions across our product range, once again demonstrating our commitment to support the mortgage market with new lending. The changes will help buy-to-let customers in particular, with both lower rates and increased cashback available.”

In the buy-to-let range, the 2-year fixed rate product at 60% LTV, with a £1,995 product fee, has reduced to 3.59%. A 2-year fixed rate up to 60% LTV with a 2.5% product fee has fallen to 3.49%. The equivalent product up to 70% LTV has reduced to 3.89%.

Longer-term fixed rates for buy-to-let customers are available at 4.19% up to 60% LTV, with a 2.5% product fee. This product is also available with a £1995 product fee at a rate of 4.39%.

Cash back has increased to £750 across the buy-to-let range for a limited period.