Virgin Money launches new buy-to-let product range
Virgin Money has today launched 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, with rates starting from 3.38% for a 2 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.”
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NOTES TO EDITORS
About Virgin Money
- Virgin Money provides savings, mortgages, credit cards, pensions, investment and protection products to over four million customers.
- Virgin Money’s business ambition is to make “everyone better off” – this philosophy underpins our approach to business by offering good value to customers, treating employees well, making a positive contribution to society and delivering a profit to shareholders.
- Virgin Money is the official sponsor of the London Marathon, the biggest annual fundraising event in the world. Virgin Money leads the London Marathon sponsorship with the ambition to help runners raise £¼ billion over 5 years and will use its infrastructure, online capability and financial expertise to deliver that through Virgin Money Giving.
- The information contained in this press release is intended solely for journalists and should not be used by consumers to make financial decisions. Any consumer interested in learning more about these products should visit www.virginmoney.com/mortgage for full terms and conditions.
Virgin Money plc - Registered in England and Wales (Company No. 6952311). Registered Office - Jubilee House, Gosforth, Newcastle upon Tyne NE3 4PL. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.