Virgin launches sub-3% buy-to-let rates

Virgin Money has announced rate reductions of up to 0.11% across its residential purchase, buy-to-let and product transfer ranges.

In its exclusive purchase range, selected rates are down by 5bps, with a 75% LTV five-year fix reducing to 4.09%, two and five-year rates at 80% LTV now starting from 4.10%, and an 85% LTV five-year fix down to 4.19%.

In Virgin's buy-to-let range, selected two and five-year fixed rates with a 3% fee have reduced by up to 4bps, starting from 2.98%, with other fee product reducing by 8bps.

Two and five-year rates with a 1% fee now start from 3.93% and £2,195 fee start from 3.92%. Products with a £995 fee start from 4.16% and fee-free rates from 4.47%.

For product transfers, selected 65% LTV residential rates have reduced by up to 0.11%, starting from 3.86%, with buy-to-let rates down by 8bps to start from 3.77%.

In addition, Clydesdale Bank, part of Virgin Money Group, has announced that from 4th July all new purchase products will include a free basic valuation. 

The change will apply to all new Clydesdale Bank purchase applications for both residential and buy-to-let, excluding porting. All Clydesdale Bank remortgage applications already offer free valuations, plus the full Virgin Money range includes a free basic valuation too.