Virgin Money has unveiled a new range of buy-to-let mortgage products.
The new range is available through registered mortgage intermediaries, in Virgin Money Stores and over the telephone.
Rates start from 3.38% for a two-year fixed rate product with a £1,995 fee.
Following the fixed or tracker period, all mortgages from the new buy-to-let product range will revert to the Virgin Money Buy-To-Let Variable Rate. This revert rate for new buy-to-let mortgages is currently set at 4.99%.
This change does not affect existing buy-to-let loans or any residential mortgages.
Peter Rogerson, commercial director for mortgages and savings at Virgin Money, said: “Buy-to-let is an important segment of the mortgage market, and is becoming increasingly important to Virgin Money. These mortgages have a different risk profile from residential lending which is why many lenders have a separate revert rate from residential loans.
“We believe this is a sensible approach, and so all our new buy-to-let mortgages will include this feature. There are no changes for existing customers.”
