Virgin Money has announced a 7-day remortgage “flash sale,” set to launch on Friday, 11th August. Available until 8pm on Thursday, 17th August, the limited-time offer includes a wide variety of remortgage deals and buy-to-let exclusives.
For homeowners looking to remortgage, Virgin Money’s “7 Day Special” will offer exclusive fixed-rate deals that come with a £1,495 fee and a £750 cashback.
Specifically, the offerings include a 65% LTV 2-year fixed rate at 5.99%, an 80% LTV 2-year fixed rate at 6.10%, a 65% LTV 5-year fixed rate at 5.44%, and an 80% LTV 5-year fixed rate at 5.60%.
In addition to these remortgage exclusives, Virgin Money is also rolling out an array of buy-to-let exclusives.
These deals are accompanied by free valuation and free legal support, and include a 70% LTV 2-year fixed rate with a £2,195 fee at 5.88%, a 50% LTV 5-year fixed rate with a £2,195 fee at 5.32%, a 60% LTV 5-year fixed rate with a £2,195 fee at 5.37%, and a 70% LTV 5-year fixed rate with a £2,195 fee at 5.52%.
Newswire Newspage asked brokers for their views.
Gary Boakes, director at Verve Financial:
“Great news short term, and what I believe will be a sign of things to come over the next three months. Lenders will be looking to win quick bulk business with market-leading rates. This is great if you are lucky to be remortgaging this week, but long term this is not what the market needs.
“We need the market to be stable, all the increasing and decreasing every five minutes means that purchases hold on and don’t commit. We have seen from the first half of the year that higher rates don’t put off purchasers when the rates and market are more stable.”
Riz Malik, founder & director at R3 Mortgages:
“Virgin’s latest offerings indicate we’re now fully in a mortgage market price war. This is not only great news for residential borrowers but also a silver lining for buy-to-let landlords who’ve felt sidelined. Lately, I’ve been getting excited when I see emails from lenders in my inbox, a feeling I haven’t experienced for much of 2023.”
Lewis Shaw, owner and mortgage expert at Shaw Financial Services:
“Things are starting to hot up once again in the mortgage market with rate reductions, and a flash sale from Virgin is great to see. Obviously, things have slowed to the extent that lenders are going to have to get creative to get the deals in the door. Long may it continue.”
Rhys Schofield, brand director at Peak Mortgages and Protection:
“Another product update from lenders and another sign that a mortgage rate war is heating up with lenders once more competing for business in a settled market and with targets to hit. All this is great news for borrowers who could see hefty rate reductions over the coming weeks for new deals.”
Graham Cox, founder at SelfEmployedMortgageHub.com:
“This is more evidence the tide has turned on the mortgage front, with lenders falling over themselves to slash rates this week. Very welcome news indeed. A lot of the major lenders have been working at under-capacity for several months now and this flash sale would appear to be Virgin’s way of getting business in quickly.”
Stephen Perkins, managing director at Yellow Brick Mortgages
“This is all about the target on lending volumes that needs to be hit by Virgin Money. The deals are not necessarily market-leading, especially given the fees attached, but they at least put them in the mix with the other lenders who have reduced their rates recently.”
