Virgin launches new buy-to-let Fix & Switch products and ups rates

Virgin Money has announced the launch of new portfolio buy-to-let Fix & Switch products, as well as selected rate increases and decreases across its existing product ranges.

The Fix & Switch range 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.

Rates on the new portfolio buy-to-let products start from 5.14% at 60% LTV and 5.29% at 75% LTV with a £1,495 fee. Fee-free equivalent rates are also available at 5.59% and 5.69% respectively.

Virgin has also launched an exclusive residential remortgage five-year fixed rate at 4.69%, available up to 75% LTV with no fees and free valuation and legals.

As part of the changes, Virgin has announced selected rate changes across its residential and buy-to-let mortgage ranges.

Fix & Switch purchase rates have increased by up to 0.10%, now starting from 5.18%, while remortgage rates have risen by up to 5bps and now start at 4.94%.

Two-year purchase fixed rates with a £995 fee up to 85% LTV have also increased by up to 0.15%.

Elsewhere, buy-to-let two and five-year fixed rates with a 1% fee have reduced by up to 0.07%, starting from 4.52%, while a 60% LTV buy-to-let five-year fix with a 3% fee has reduced by 0.08% to 4.09%.

In its residential remortgage range, a 75% LTV five-year fix with an £895 fee has been lowered by 0.05% to 4.54%.