Virgin Money has made rate reductions across its buy-to-let (BTL) purchase and remortgage products. Two-year fixes with a £995 fee have been cut to 4.79%, while the fee-saver option now starts from 5.13%. On the five-year option, rates now start from 4.59%, while the fee-saver option is available from 4.75%. All listed products are available from 75% LTV.

Coventry for Intermediaries has cut rates on its residential and BTL rates. The lender’s residential purchase range now includes a two-year fix at 75%, which is now available at 4.38% with a £999 fee. On its BTL range, Coventry has reduced its five-year fix to 4.51% at 65% LTV with no fee and the option of £350 cashback or remortgage transfer service.

Inspired Lending has provided a £2.4m bridging facility to support the acquisition of a vacant commercial building on an Essex industrial site. The borrower purchased the site for £4.95m through their business’s pension fund, with plans to relocate their wider business operations to the new premises before refinancing onto a long-term facility to repay the bridging loan. Inspired Lending utilised a desktop valuation, enabling the borrower to complete the purchase quickly.

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