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Virgin Money launches new buy-to-let product range

24th September 2013 Print

Virgin Money has launched a new range of buy-to-let mortgage products.

The new range is available through registered mortgage intermediaries, in Virgin Money Stores and over the telephone, with rates starting from 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%.
This change does not affect existing buy-to-let loans or any residential mortgages.
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."