Virgin Money launches buy to let cashback, Principality BS cuts fixed rates and NatWest makes a raft of changes
Virgin Money has launched a new £750 cashback incentive on its intermediary exclusive buy-to-let range, available for a limited time to support landlords imminently coming to the end of their existing deals.
New buy to let products with added cashback include two-year fixed rates from 1.39% at 60% LTV and 1.75% at 75% LTV, as well as a five-year fixed from 2.12% at 60% LTV, all with a £1,995 fee.
The lender has also launched a new 90% LTV residential range, with reduced rates on two- and three-year fixed rate products.
New limited-edition 90% LTV products include two-year fixed rates at 1.89% with a £995 fee or 2.25% fee-free, and three-year fixed rates at 2.18% with a £995 fee.
Principality Building Society has cut rates across products in its fixed residential and buy to let ranges.
The Welsh lender has reduced rates on four two-year residential mortgage products by 0.15 per cent with new rates ranging from 1.85 per cent to 2.10 per cent.
Cuts have also been applied to two buy to let products; with reductions of 0.25% and 0.20% applied to its two-year fixed BTL deals, at 60% LTV.
Principality acquisition product manager Ross Williams said:
“With speculation of a rate rise and increased swap rates, many lenders are having to follow the market trajectory of increasing rates.
“Of late we have seen a lack of movement in pricing of two-year fixed products in the market.
“In order to remain competitive, we are reducing our two-year fixed residential products between 65% to 85% LTV, to help our customers prosper in their homes and to provide our intermediaries with additional opportunities to engage with their clients”.
NatWest has also made a raft of changes to its core and semi-exclusive ranges. In its core range it has added five new two-year fixed-rate residential products and withdrawn a corresponding range with cashback attached.
In its semi-exclusive range, it has added 11 new residential purchase options with a five-year fix, and a further 11 five-year fixes for remortgagers.
In its buy to let range, it has added two five-year fixed rate products. A loan with 70% LTV and no product fee has a rate of 2.75%, while a 75% LTV loan, again with no product fee, comes in at 2.89%.
16th March 2018
