High street lender Virgin Money will reduce select purchase, buy-to-let (BTL) and product transfer rates by up to 0.1%.
Within Virgin Money’s purchase range, Fix and Switch deals at 90% and 95% loan to value (LTV) will be cut by around 0.07%, with pricing beginning from 5.32%.
Two- and five-year fixed rates at 90% LTV will reduce by 0.07%, starting from 4.88%, and two- and five-year fixed rates at 95% LTV will also be cut by 0.07%. The latter rates will begin from 5.24%.
Own New rates at 90% LTV will be reduced by up to 0.06%, starting from 2.4%.
On the BTL side, Fix and Switch rates will be lowered by up to 0.1%, starting from 5.1%, and select two- and five-year fixed rates with a 1% fee will be cut by up to 0.1% and are priced from 4.39%.
Two-year fixed BTL rates with a £995 fee will decrease by up to 0.1%, starting from 4.79%, while two-year fixed rate fee-saver deals at 75% LTV will be lowered by around 0.05% to 5.23%.
How the housing landscape is set to shift
Sponsored by Halifax Intermediaries
In Virgin Money’s product transfer range, select two- and three-year fixed rates at 65% LTV will fall by up to 0.06%, starting from 4.26%.
Five-year fixed rates at 65% LTV will decrease by up to 0.1%, starting from 4.19%, and select two- and three-year BTL fixed rates will be reduced by up to 0.1% and are priced from 4.3%.
The rate reductions will come into effect on 13 February.
Virgin Money added that it would be withdrawing its exclusive BTL Fix and Switch deal at 65% LTV and 75% LTV with a £495 fee at 8pm on 12 February.
The changes come off the back of a number of rate changes, with Santander adding sub-4% deals earlier this week.
Barclays, TSB and Coventry Building Society have also made rate changes.
