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Virgin Money fixed BTL fixed rate endind soon
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Posts: 2,601
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Hi guys and gals,
I have several BTL mortgages tied up with Virgin money, one of which will be coming up for renewal soon. Last time I spoke to them they gave the impression that once the fix finishes then its the SVR or move. That can't be right can it? Why would they not offer any retention deals to existing BTL customers.
The only BTL mortgage company that offered a retention deal was the mortgage works and to be honest virgin blew their rates out of the water, hence why I used them.
Can any of you kind folk help clarify if they do indeed not offer retention deals. If it is correct then I look like biting the bullet and employing the services of a broker to get into some of the broker only accessible mortgages, something I vowed not to do after getting stung by the last one I used(sorry but once bitten, twice shy and all that)
I have several BTL mortgages tied up with Virgin money, one of which will be coming up for renewal soon. Last time I spoke to them they gave the impression that once the fix finishes then its the SVR or move. That can't be right can it? Why would they not offer any retention deals to existing BTL customers.
The only BTL mortgage company that offered a retention deal was the mortgage works and to be honest virgin blew their rates out of the water, hence why I used them.
Can any of you kind folk help clarify if they do indeed not offer retention deals. If it is correct then I look like biting the bullet and employing the services of a broker to get into some of the broker only accessible mortgages, something I vowed not to do after getting stung by the last one I used(sorry but once bitten, twice shy and all that)
2 kWp SEbE , 2kWp SSW & 2.5kWp NWbW.....in sunny North Derbyshire17.7kWh Givenergy battery added(for the power hungry kids)
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Comments
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A lender can offer retention products if it chooses to do so.
Unfortunately, you are entitled only to the follow-on rate set out in your KFI and Offer.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Hi KS,
I appreciate what your saying, just seems a strange way to do business..ie, offer great rates but then no follow on deals, if they really don't want to keep BTL customers then why get into the market in the first place.2 kWp SEbE , 2kWp SSW & 2.5kWp NWbW.....in sunny North Derbyshire17.7kWh Givenergy battery added(for the power hungry kids)0 -
You'll default onto the SVR. Then you choose any of the current products that are available to you.0
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They may not wish to keep some BTL borrowers for some reason.
Abbey/Santander have been using retention products, or the lack thereof, to indicate to some borrowers they are no longer wanted, for some time.
No idea if VM is doing that. It may, since the NR purchase. Who knows?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
You can offset the costs against tax
Time to find a broker0 -
Thrugelmir wrote: »You'll default onto the SVR. Then you choose any of the current products that are available to you.
That's just it, from what was implied the last time I spoke to them, the current products available are non existent, its the SVR or nothing.2 kWp SEbE , 2kWp SSW & 2.5kWp NWbW.....in sunny North Derbyshire17.7kWh Givenergy battery added(for the power hungry kids)0 -
kingstreet wrote: »They may not wish to keep some BTL borrowers for some reason.
Fair enough apart from the fact I've just completed a move to virgin money from the mortgage works. If they were actively not wanting to keep some borrowers then why offer more mortgages to them2 kWp SEbE , 2kWp SSW & 2.5kWp NWbW.....in sunny North Derbyshire17.7kWh Givenergy battery added(for the power hungry kids)0 -
I thought you said the initial product was ending soon?Fair enough apart from the fact I've just completed a move to virgin money from the mortgage works. If they were actively not wanting to keep some borrowers then why offer more mortgages to them
I guess they are hoping you will remain on SVR or whatever the follow-on rate is and be put-off remortgaging by the costs of doing so?
Did you check VM history on retention products at the time of applying in the first place?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
kingstreet wrote: »I thought you said the initial product was ending soon?
I guess they are hoping you will remain on SVR or whatever the follow-on rate is and be put-off remortgaging by the costs of doing so?
Did you check VM history on retention products at the time of applying in the first place?
Another mortgage product I have with them is ending soon
As for costs of remortgaging, its BTL, there's always a cost somewhere, be it product fees or higher rates
Never even checked retention products, if they don't have them then its a move to somewhere else, incurring costs, luckily as dimbo points out, it is tax deductible.
Guess i'll just have to bite the bullet as I previously said so I can get at the broker only deals.2 kWp SEbE , 2kWp SSW & 2.5kWp NWbW.....in sunny North Derbyshire17.7kWh Givenergy battery added(for the power hungry kids)0 -
I know from the OP you had a poor experience in the past, but a broker would take into account history of retention deals in lender selection, if you asked them to do so.
As an example, I regularly talk my clients out of borrowing from Accord as its SVR is 5.99% and Nationwide's is 3.99% with a history of offering retention products to existing borrowers at least as good as those it offers to new borrowers.
I find it mistifying that people load all their emphasis on the first two or three years of their mortgage and not the next twenty to thirty. Is 0.4% or 0.5% that much more important over such a short time?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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