Virgin to cut Northern Rock rates

Published on

Virgin Money

Virgin Money is cutting interest rates on number a number of its Northern Rock residential and buy-to-let mortgage range.

For example, its two-year residential fixed rate at 60% LTV is being cut by 0.10 percentage points to 2.79% with a £995 product fee. Up to 70% LTV, a buy-to-let fixed rate is being reduced by 0.16 percentage points to 2.99% with a £995 product fee, and by 0.20 percentage points to 3.35% with no product fee.

Certain tracker rates are also being cut, with a buy-to-let tracker up to 70% LTV being cut by 0.16 percentage points to 2.99% with a £995 product fee, and by 0.20 percentage points to 3.35% with no product fee.

A number of reductions are also being made to Virgin Money’s buy-to-let range. Included within the changes is the buy-to-let fixed rate product at 60% LTV (with a £1,995 product fee) which will reduce by 0.20 percentage points to 3.59%. A buy-to-let fixed rate up to 60% LTV with a 2.5% product fee will reduce by 0.36 percentage points to 3.49%. The equivalent product up to 70% LTV will reduce by 0.39 percentage points to 3.89%.

A five-year buy-to-let fixed rate with a 2.5% product fee will reduce by 0.30 percentage points to 4.19% (available up to 60% LTV), while the equivalent product with a £1,995 product fee will reduce by 0.20 percentage points to 4.39%.

The level of cashback available across all Virgin Money buy-to-let products will increase to £750 for a limited period.

“We are delighted to announce these rate reductions across our product range, once again demonstrating our commitment to support the mortgage market with new lending,” said Richard Tugwell (pictured), intermediary sales director at Virgin Money.

“The changes will help buy-to-let customers in particular, with both lower rates and increased cashback available.”

Latest POLL

COMMENT ON MORTGAGE SOUP

We want to hear from you!
Leave a comment and get the conversation started.
You need to register to post, so please login or sign up below.

Latest articles

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...

Atom bank breaks Near Prime record

Atom bank has reported another record-breaking month for Near Prime activity. Over the course of...

Berkeley Alexander appoints new BDM

General insurance provider Berkeley Alexander has announced the appointment of Grant Robinson as a...

Other news

Lenders must step up on high LTV products

Things are on the up for borrowers with a smaller deposit. The financial information...

Square 1 Media announces May Mortgage Market Debate

Square 1 Media is to hold its next Mortgage Market Debate on Wednesday, 21 May,...

Coventry BS maintains status as one of the best workplaces

Coventry Building Society has been named one of Great Place to Work's UK’s Best...