Virgin Money withdraws products amid changes to BTL product transfers

New buy-to-let product transfer rates will be introduced with a £1,495 fee, including two year fixed rates starting from 3.84%, three year fixed rates from 3.89% and five year fixed rates from 4.04%.

Alongside the new launches, Virgin Money is reducing a number of existing rates. Two year fixed rates with a £3,995 fee will fall by up to 0.33%, starting from 3.54%. Two year fixed rate fee saver products will reduce by 0.27%, starting from 4.25%, while three year fixed rate fee savers will fall by 0.26% to start from 4.19%.

Changes are also being made to five year fixed rate products. The 60% LTV five year fixed rate with a £3,995 fee will increase by 0.08% to 3.89%, while the 75% LTV equivalent will reduce by 0.12% to 3.94%. Five year fixed rate fee saver products will reduce by 0.15%, starting from 4.14%.

The lender will also withdraw several buy-to-let product transfer options at 8pm today. These include two and five year fixed rates with a £995 fee, as well as two, three and five year fixed rates with a £1,995 fee. Applications for these products must be submitted by the 8pm deadline.

Separately, Virgin Money has confirmed a change to its offer extension policy for new build cases. From Friday 30th January, the lender will no longer accept offer extension requests on new build applications, bringing the policy in line with other property types.

The lender said it will continue to consider offer extension requests for new build cases where the original application is submitted before 8pm on Thursday 29th January. The new build offer validity period of 210 days remains unchanged.