Within its buy-to-let product transfer range, Virgin Money is launching new 2-, 3- and 5-year fixed rate products

Virgin Money has confirmed it will make a series of changes to its mortgage offering from tomorrow, including the launch of new buy-to-let (BTL) product transfer rates, a number of rate reductions, selected increases and product withdrawals.

Within its buy-to-let product transfer range, Virgin Money is launching new 2-, 3- and 5-year fixed rate products with a £1,495 fee.

The new 2-year fixed rates will start from 3.84%, 3-year fixed rates from 3.89% and 5-year fixed rates from 4.04%.

Alongside the new launches, 2-year fixed rates with a £3,995 fee will be reduced by up to 0.33%, starting from 3.54%, while 2-year fixed fee-saver rates will be cut by 0.27%, starting from 4.25%.

3-year fixed fee-saver rates will fall by 0.26% to start from 4.19%, and 5-year fixed fee-saver rates will be reduced by 0.15%, starting from 4.14%.

The lender is also making changes to selected 5-year fixed rates with a £3,995 fee.

The 60% loan-to-value (LTV) product will increase by 0.08% to 3.89%, while the 75% LTV equivalent will be reduced by 0.12% to 3.94%.

At the same time, Virgin Money is withdrawing a number of existing buy-to-let product transfer options.

2- and 5-year fixed rates with a £995 fee, as well as 2, 3- and 5-year fixed rates with a £1,995 fee, will be withdrawn from today.

The lender has advised brokers to submit any applications for these products before that deadline.

In addition to the rate changes, Virgin Money has announced an update to its offer extension policy.

From Friday, the lender will no longer accept offer extension requests on new-build applications, aligning its approach with other property types.

The existing new-build offer validity period of 210 days will remain unchanged.