Virgin Money has increased its maximum buy-to-let LTV from 70% to 75% and has introduced a selection of products at the new maximum LTV. All products will be available from 14 March 2014.
Virgin Money says the new improved buy-to-let range is designed to reinforce the lender’s position in this segment of the mortgage market.
New buy-to-let 75% LTV fixed rate products on offer include:
- Two-year fixed rate at 4.15% with a £995 product fee
- Two-year fixed rate at 3.74% with a £1,995 product fee
- Three-year fixed rate at 4.89% with a £995 product fee
- Five-year fixed rate at 4.55% with a £1,995 product fee
New buy-to-let 75% LTV tracker products on offer include:
- Two-year fixed rate at 3.35% with a 2.5% product fee
- Two-year fixed rate at 4.09% with a £995 product fee
Cashback of £750 remains available across Virgin Money’s core range of buy-to-let products (excluding intermediary exclusives).
Peter Rogerson, Virgin Money’s savings and mortgages director, said: “We are delighted to launch our new range of 75% loan to value buy-to-let products, demonstrating the importance we place on this segment of the mortgage market. We reviewed our proposition after listening to feedback from our intermediary partners and believe the increase to 75% loan to value will improve choice for those looking for a buy-to-let product in the market today.”