Virgin Money has reduced its buy-to-let mortgage rates as part of a new range of mortgages.
It is launching a new buy-to-let mortgage range, with rates reduced by up to 0.9 per cent, and two-year fixed rates are available from 2.89 per cent. It is also going to revise its residential interest-only mortgage policy from December 9th.
Virgin Money will remove the current minimum loan size of £300,000 for interest-only residential lending. It now plans to introduce a minimum property value of £500,000 and a minimum gross income requirement of £100,000 in total for potential homeowners. Furthermore, Virgin Money will cease to offer interest-only lending to first-time buyers.
Anthony Mooney, director of financial services at Virgin Money, said: “We are delighted to announce the launch of our new range of competitive buy-to-let products, which underlines the importance we place on this segment of the market.”
Mr Mooney reassured the vast majority of its existing customers that they would be “unaffected by these changes”. The new mortgages are available from today (December 3rd).
