Virgin Money has reduced rates across select mortgages by as much as 0.68%.
The largest cuts have been applied to its 10-year fixed purchase products, which now start from 4.89%.
Also for purchase, its two- and five-year fixes have been lowered by up to 0.1%, starting from 4.47% and 4.34% respectively.
Its shared ownership purchase rates will begin from 4.44% after reductions of up to 0.15%, while two- and five-year fixes for green purchases have gone down by up to 0.14% to start at 4.3%.
Select rates within Virgin Money’s exclusive purchase range have been cut by up to 0.1%, affecting deals at 80% loan to value (LTV), its five-year fixed Retrofit Boost product, and two- and five-year fixed Own New deals.
Remortgage rates have been cut by as much as 0.1%, with two-year fixes starting from 4.43%, five-year fixes from 4.34%, and a 10-year fix at 75% LTV with a £995 fee now priced at 4.89%.
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Similar reductions have been made to Virgin Money’s exclusive buy-to-let (BTL) products, as well as its product transfer rates.
Virgin Money has also removed its green cashback options, and now only offers free valuations as an incentive.
Changes will come in on 6 March.
Gatehouse Bank cuts BTL rental rates
Sharia-compliant lender Gatehouse Bank has reduced rental rates across its BTL options for UK expats and international residents.
Cuts of up to 0.22% have been made on standard and green two- and five-year fixes for both new and existing customers. Changes will be available to applicants borrowing in their individual name and UK-registered special purpose vehicle companies.
Products can be used against houses in multiple occupation (HMO) and multi-unit freehold block (MUFB) properties.
This comes after the lender cut rental rates on select home purchase plans and BTL products for UK residents.
Gemma Donnelly, head of customer propositions at Gatehouse Bank, said: “At Gatehouse Bank, we know how important it is to ensure our customers are receiving a competitive rental rate when purchasing a property. Due to market trends, we’re really pleased to be able to pass on these reductions to our customers who reside overseas.
“Today’s product updates will improve affordability for prospective and existing BTL landlords and allow even more people to achieve their individual property ownership goals.”
