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Virgin announces BTL rate cuts

ended 09. March 2023

Virgin is lowering BTL rates and lowering rates on a selection of fixed rate residential products, effective tomorrow, Friday 10th March. It is also increasing rates on a selection of fixed rate residential products from 8pm tonight. The new rates can be seen >> here <<. Free PR platform, Newspage, asked brokers for their thoughts.

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Editor
Justin Moy
Managing Director at EHF Mortgages
This is one of a number of rate increases announced today, and we will see this more I am sure in the coming days, as the cost of funds has increased in the last few weeks. This may also lead us to think a base rate increase is very much on the horizon.

What is really interesting is the reduction in Buy to Let rates, given the low volume of purchases since October last year, and that the vast majority of activity has been through Product Transfers, avoiding high fees, and ICR ratio issues. May be others will follow suite and help our landlords!