Virgin Money is set to make changes to its mortgage offerings starting from today, May 15th, focusing particularly on buy-to-let (BTL) landlords and homeowners looking to remortgage. These adjustments include launching exclusive landlord deals and tweaking existing product transfer rates, promising potential savings and incentives for both existing and prospective customers.

Exclusive Buy-to-Let Deals

Virgin Money introduces several exclusive mortgage options for buy-to-let landlords. These are designed to cater to both individual landlords and those with multiple properties:

• 60% Loan-to-Value (LTV) Buy-to-Let Five-Year Fixes: Launching at a rate of 4.67% with a fee of £2,195.
• 60% LTV Buy-to-Let Portfolio Five-Year Fixes: These are specifically for landlords with multiple properties, starting at a rate of 4.87% and a fee of £2,195.
• 75% LTV Buy-to-Let Five-Year Fixes: Previously offered, these rates have been reduced by 5 basis points, now starting at 4.72% with a fee of £2,195.
• 75% LTV Buy-to-Let Portfolio Five-Year Fixes: Also reduced by 5 basis points, now beginning at 4.92% with the same fee.

These new and adjusted rates aim to make long-term financial planning more predictable and affordable for landlords, whether they manage a single rental property or an entire portfolio.

Special Deals for Large Loans

For residential customers planning to remortgage, Virgin Money is offering a targeted deal for high-value loans:

• 75% LTV Fix and Switch Remortgage Deals: Specifically for loans above £500,000, these come with a fee of £1,495 and a newly adjusted rate of 5.24%.

This particular offer provides an attractive option for those with larger loan needs, looking to secure a fixed rate over a longer term.

Adjustments in Product Transfers

For existing customers, Virgin Money is also reducing the rates on buy-to-let product transfers across the board:

• Buy-to-Let Fixes: These will see a reduction of 10 basis points, with rates starting from 4.51%.

Strategic Shifts in Loan Offerings

In a significant change to its lending strategy, Virgin Money is adjusting the maximum loan size on certain products:

• The maximum loan size for the Fix and Switch residential remortgage at a 75% loan-to-value ratio will decrease from £1 million to £500,000. However, the bank has recently launched a new version of this product for loans ranging between £500,001 and £1 million, featuring a rate of 5.24% with a fee of £1,495.