A new two-year fixed rate buy-to-let mortgage at a borrowing rate of just 1.59% a year has been launched by Virgin Money.
The mortgage has a loan-to-value rate of 60%, £1,995 product fee and £500 cashback.
In addition to the new buy-to-let product, Virgin Money also launched a two-year fixed rate 2.84% residential mortgage available at 90% LTV, with no product fee and £1,000 cashback.
Virgin also announced a five-year fixed rate up to 65% LTV at 1.89% per annum. This mortgage comes with a £995 fee, £300 cashback for purchases, free valuation and legal fees for remortgage.
Peter Rogerson, Virgin Money’s commercial director for mortgages, said: “To kick off the year we have launched a new range of red hot mortgage products that offer competitive rates to help homebuyers get onto the property ladder, support those looking to move home and a great deal for landlords.”