Buy to Let mortgage rates moving down not up with Virgin!Make Text Bigger
Despite the Press and politicians misreporting and misunderstanding Mark Carney’s (the Governor of The Bank of England) latest comments, Virgin Money have actually reduced their Buy to Let mortgage rates for lower Loan to Values.
Mr Carney did not say interest were definitely going up this year and Virgin Money are proving that point by today releasing their new product range revisions.
Two main niche criteria for Landlords that Virgin will assist with are remortgaging inside 6 months of the original purchase date (excellent for cash and auction buyers) and First Time Landlords.
Key changes to product rates are:
- 2 year fixed rates have been reduced by up to 0.16%, with £1,995 fee products available from 3.25% at 60% LTV
- 3 year fixed rates have been reduced by up to 0.50%, with £995 fee products available from 4.09% at 60% LTV
- 5 year fixed rates have been reduced by up to 0.21%, with £1,995 fee products available from 3.95% at 60% LTV
- 2 year trackers with £995 fee now start from 3.09% at 60% LTV
A £500 Cashback incentive is available across all BTL products. Fee Saver Options, where no product fee is payable, are available fixed rate products, but the interest rate is increased relative to the length of the term.
Products are stress tested at 5.99% notional rate and 125% interest cover meaning you can borrow a maximum of 160.26 times the monthly rental income.
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