Virgin Money raises SVR for new buy-to-let customers
New buy-to-let customers with Virgin Money will face a higher Standard Variable Rate (SVR) at the end of their product period after the lender made changes to its criteria.
Buy to let customers had previously reverted to the lender’s standard variable rate of 4.79% following the end of any fixed rate period but will now be placed on Virgin Money’s buy-to-let variable rate of 4.99%.
This new SVR matches the current revert-to rate offered by The Mortgage Works but is higher than both BM Solutions (4.84%) and Godiva mortgages (4.74%).
All existing buy to let customers will continue to transfer to the 4.79% SVR.
In another development, West Bromwich Mortgage Company has blamed “market conditions” for the 2 percentage point increase in its BTL tracker rate which will affect around 6,700 borrowers and come into effect in December.
Post courtesy of Mortgage Solutions.