Virgin Money has announced a selection of rate cuts across its main buy-to-let mortgage range in addition to its core residential products.
Virgin’s new buy-to-let rates include a two-year fixed rate up to 70% loan-to-value (LTV) reduced to 2.09% with a £1,995 product fee and £500 cash-back, as well as a five-year fix at 3.24% to 70% LTV, subject to a £995 product fee and £500 cash-back.
Its two-year buy-to-let tracker now starts at 2.29% up to 70% LTV, and is also subject to a £995 product fee and £500 cash-back.
Peter Rogerson, Virgin Money’s commercial director for mortgages, commented: “The reductions we have made to our range ensure that we continue to offer attractive options for purchase and remortgage customers looking for residential and buy-to-let loans at a range of different deposit levels.
“We think these products will be well-received by the market which remains upbeat, as reflected in our recent poll of intermediaries where nearly 80% said they expect the mortgage market to grow in 2017.”
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Can someone tell me which institutions will lend to non resident investors who wish to invest in the UK? Foreign based banks won't lend as the assets are in the UK, but UK based banks appear to refuse to lend to foreign based investors who wish to invest in the BTL market. Haven't been successful since the financial crisis to secure any refinancing in the UK for existing mortgages which were taken before. Have had to sell as the only option. Seems insane. Please advise.
Lending on property is a risky business, always has been and always will be say lenders. This is why you are unable to borrow money for a tangible fixed down asset that is unable to be driven away. Stupid isn't it?
The lenders have not yet worked out though that you borrow diminishing pounds on a rising asset.
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