Virgin Money has announced significant reductions in its mortgage rates across both its buy-to-let and residential mortgage ranges. It has reduced its rates on various buy-to-let mortgage products, which is great news for landlords looking to purchase or refinance properties. The cuts vary by product type and fee structure:

• Exclusive Fixed Rates: These are tailored for customers who have access to specific deals through financial advisors or other channels. Rates on products with a 3% fee have been trimmed by up to 0.04%, now starting at 4.05%. Meanwhile, products with a 1% fee saw reductions of up to 0.05%, bringing starting rates down to 4.67%.
• Standard Fixed Rates: More commonly available, these rates with a £995 fee have been cut by up to 0.19%, with new rates starting at 4.89%.
• Fee-Saver Rates: Designed for those looking to minimise upfront costs, these rates have seen the largest cut of up to 0.21%, now starting at 5.19%.

These reductions could mean lower monthly payments for landlords, potentially increasing the profitability of their rental properties. Lower rates might also make it easier for new landlords to enter the market, as the initial costs of securing a mortgage become more affordable.

Residential Mortgages

Virgin Money didn’t stop at buy-to-let mortgages. The lender has also adjusted rates downward on several residential mortgage products:

• Product Transfer Rates: For existing customers looking to transfer to a new deal, rates for 65% and 75% loan-to-value (LTV) products have decreased by 0.10%, starting now at 4.43%.
• Shared Ownership Rates: Rates for shared ownership mortgages, which help people buy a share of a property and rent the rest, are down by up to 0.10%, with rates starting at 4.59%.
• Own New Rate Reducer Products: These innovative products, which allow buyers to reduce their rates over time, have seen cuts of up to 0.13%, now starting from an impressive 1.09%.