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Virgin Money increases rates; Molo adds expat deals – round-up

Virgin Money has upped the rates from a range of exclusive purchase, remortgage and buy-to-let (BTL) deals, along with product transfer rates.

On the exclusive purchase side, selected 85 to 90 per cent loan to value (LTV) exclusive purchase fixed rates will rise by up to 0.10 per cent. Rates begin from 4.55 per cent.

Selected 60 and 70 per cent LTV remortgage exclusive fixed rates have increased by up to 0.10 per cent, with rates starting from 4.39 per cent.

Exclusive BTL fixed rates have been upped by up to 0.10 per cent, with rates beginning from 3.97 per cent.

On the product transfer side, selected residential 65 and 75 per cent LTV two-, three- and five-year fixed rates will be increased by up to 0.10 per cent, with rates starting from 4.17 per cent.

Virgin Money recently improved its affordability assessment for residential products fixed for five years or longer, which will increase the amount that can be lent to customers.


Molo adds expat BTL mortgages

Molo has added an expat BTL mortgage range for British nationals living abroad.

It builds on the success of its non-resident BTL mortgage range and will offer financing to individuals residing and working in Hong Kong, Singapore, United Arab Emirates and the European Union, to name a few.

There is a one-year fixed rate at 4.99 per cent and two- and five-year fixed rates starting from 6.24 per cent.

Applications can be assessed using rental coverage and income, and lending is available up to 80 per cent LTV.

Molo has also adjusted its UK residential and non-UK resident product rates.

For UK residents, individual and limited company two-year fixed rates start from 4.55 per cent for 75 per cent LTV, and individual and limited company five-year fixed rates begin at 5.44 per cent for 75 per cent LTV.

For non-UK residents, individual and limited company standard one-year fixed-rates start from 5.99 per cent for 70 per cent LTV.

Matthew Kimber, Molo CEO, said: “Our commitment to innovation and meeting the diverse needs of our clients is at the core of our mission. Since the introduction of our non-resident BTL range, we’ve received positive feedback from the broker community, reflecting a strong interest in expat lending. The launch of expat BTL mortgages demonstrates our dedication to helping our customers”.

Anna is a reporter for Mortgage Solutions and assistant editor for Specialist Lending Solutions, both B2B sister titles of She has worked as a journalist for over four years, initially in the specialty insurance sector before moving onto mortgages.

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