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Virgin Money increases rates across buy-to-let range

Virgin Money has increased its buy-to-let rates by up to 20% as part of a series of changes to its mortgage products. 

Shared Ownership products have also seen rate hikes, along with selected residential deals. 

A number of lenders have increased buy-to-let mortgage rates for purchase and remortgage in recent days. 


Santander, for instance, has recently increased selected rates and fees at 60%, 75% and 85% loan-to-value (LTV) by up to 0.3%.

The changes will see two-year fixed rates with a £1,499 fee at 60% LTV, rise by 10bps to 1.49%. 

Fee-free two-year fixed rates now start from 2.14% and five-year rates from 2.29%, an increase of 30bps.


Products at 75% LTV have increased by between 20 and 30bps, with two-year fixed rates now starting from 1.69% with a £1,499 fee or 2.39% fee-free, while a five-year fixed rate starts from 2.69% with no fee.

According to the latest research carried out by Moneyfacts.co.uk, BTL product choice has dropped month-on-month, with a fall of 78 products since the start of July, sitting at 1,660. But it is worth pointing out that this is an improvement when compared to the low of 1,455 deals available on 1 May 2020.

The average two- and five-year rates for all loan-to-value (LTV) brackets are marginally lower now than they were at the start of the coronavirus pandemic, down 0.05% and 0.13% to 2.72% and 3.11% respectively compared to 1 March.

Conversely, two- and five-year average rates in the 60% loan-to-value (LTV) bracket are up, and now sit 0.53% and 0.45% above where they were in March. Consequently, BTL landlords with higher levels of equity may wish to consider their mortgage options soon, before rates potentially increase further.

Eleanor Williams, finance expert at Moneyfacts.co.uk, said: “Over the last six months, the BTL sector has been a little more resilient than the residential market in terms of product choice. However, this sector has contracted since 1 July, with a fall of 78 products, leaving 1,660 deals available.”

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