Virgin expands B2L offering

Robyn Hall

September 23, 2013

The new range will be available through both registered mortgage intermediaries and direct from Virgin money and has rates starting a 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%.

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.”

This change does not affect existing buy-to-let loans or any residential mortgages.

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