Virgin cuts residential and buy-to-let rates by up to 0.20%

Virgin Money has announced rate reductions across its residential and buy-to-let ranges, with a free valuation now available on all new purchase applications.

In its exclusive purchase range, 80% LTV two-year fixed rates have reduced by up to 0.09%, starting from 4.33%.

Selected Fix and Switch fixed rates have decreased by up to 0.11%, starting from 4.79%. Fix and Switch offers borrowers the security of a five-year fixed rate with the flexibility of being able to switch to another product with no early repayment charge after just two years.

75% LTV £1m+ two and five-year fixed rates are down by up to 0.15%, while selected Own New two and five-year fixed rates have reduced by up to 0.15% and Retrofit Boost five-year fixed rates with a £995 fee have reduced by 0.02%.

The Own New Rate Reducer scheme uses the incentives offered by housebuilders to provide lower mortgage rates for new build home purchasers.

In Virgin's core purchase range, 65% to 90% LTV fixed rates have reduced by up to 0.15% and 95% LTV two-year fixed rate fee-saver are down by 0.06%, to 5.24%.

Green fixed rates have decreased by up to 0.15% and selected shared ownership rates are down by up to 0.13%, starting from 4.33%.

In Virgin's buy-to-let product range, 60% and 75% LTV two-year fixed rates with a £2,195 fee will be reduced by 0.05%, starting from 4.21%. Rates with a 3% fee have decreased by up to 0.17%, starting from 3.32%.

80% LTV 2 and 5 year fixed rates with a 1% fee have reduced by 0.20%, starting from to 4.80%, while 80% LTV five-year fixed rates with a £995 fee are also down by 0.20%, to 4.89%.

As part of the changes, all new Virgin Money residential and buy-to-let purchase products now include a free basic valuation.

In addition, Virgin has withdrawn 65%, 75% & 85% LTV product transfer tracker rates with a £995 fee and cashback has been removed from selected purchase fixed rates.