Virgin Money has expanded its buy to let mortgage range, introducing a new two year fixed rate product at 1.59 per cent per annum.
The mortgage, released yesterday, has a loan to value rate of 60 per cent and a £1,995 product fee. The package also offers £500 cashback, adding to the incentive to join the buy to let sector despite fears of diminishing mortgage availability.
The bank has also released new products in their residential range, including a two-year fixed rate 2.84 per cent mortgage, which boasts a a 90 per cent LTV. There is also no product fee and £1,000 cashback.
Furthermore, as part of what Virgin Mortgages calls its ‘First Start’ campaign, the firm launched a a Help to Buy Equity five-year fixed rate up to 75 per cent LTV now at 2.59 per cent, with no product fee, but offering £500 cashback.
Virgin Money’s commercial director for mortgages, Peter Rogerson, said that the buy to let deal was a ‘great deal for landlords’ whilst the residential products offered ‘competitive rates to help homebuyers get onto the property ladder’ and ‘support those looking to move home.’