Effective from 8pm today (17th October) Virgin Money will withdraw selected mortgage products, ahead of releasing reduced rates tomorrow (18th October).
The lender will withdraw its purchase exclusives with a £495 fee and £1,000 cashback, namelyits 90% loan-to-value (LTV) 2-year fixed rate at 6.32%, its 85% LTV 5-year fix at 5.39%.
Brokers wishing to apply for one of these products should send in the application before 8pm.
From tomorrow, Virgin Money will introduce selected products.
On its purchase exclusive £1,295 fee range, for 2-year products this includes: a 65% LTV reduced by 0.14% to 5.20%; a 75% LTV reduced by 0.19% to 5.26%; and an 85% LTV reduced by 0.05% to 5.62%.
In the same range, 5-year products include: a 65% LTV reduced by 0.11% to 4.71%; 75% LTV reduced by 0.01% to 4.81%; an 85% LTV reduced by 0.07% to 5.02%; and a 90% LTV reduced by 0.01% to 5.21%.Â
On its purchase exclusive fee-saver range, new 2-year rates include: a 65% LTV reduced by 0.02% to 5.56%; a 75% LTV reduced by 0.16% to 5.58%; an 85% LTV reduced by 0.01% to 5.90%; and a 90% LTV reduced by 0.11% to 5.90%.Â
In the same range, 5-year products include: a 65% LTV reduced by 0.17% to 4.87%; 75% LTV reduced by 0.14% to 4.95%; an 85% LTV reduced by 0.03% to 5.20%; a 90% LTV reduced by 0.08% to 5.32%.Â
Virgin Money’s purchase exclusive £1m fixed rates will be reduced by up to 0.16%.
Within its remortgage exclusive range, with £995 fee and £250 cashback, new rates include: a 60% LTV 2-year fixed rate reduced by 0.14% to 5.26%; a 70% LTV 2-year fixed rare reduced by 0.16% to 5.33%; a 60% LTV 5-year fixed rate reduced by 0.10% to 4.85%; and a 70% LTV 5-year fixed rate reduced by 0.08% to 4.90%.Â
In its remortgage exclusive fee-savers range, with £250 cashback, the rates include: a 60% LTV 2-year fix reduced by 0.05% to 5.94%; a 60% LTV 5-year fix reduced by 0.15% to 5.15%.Â
In its buy-to-let (BTL) remortgage and purchase exclusive range, with a £2,195 fee, products include: a 75% LTV 2-year fix reduced by 0.09% to 5.51%; and a 75% LTV 5-year fixed rate reduced by 0.02% to 5.31%.Â
Exclusive BTL Portfolio fixed rates with £2,195 fee will be reduced by up to 0.09%.Â
Selected product transfer fixed rates will be reduced by up to 0.26%, with rates starting from 4.89%.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “Lender repricing has slowed down in the past few days and the rate in reductions in Virgin latest repricing clearly show that with the majority of rates seeing a 0.10% – 0.19% with some seeing a minimal 0.1% reduction.
“While I expect to see further reductions, the period of weekly repricing clearly coming to an end.Â
“Mortgage holders approaching the end of their fixed rate should look to speak with a broker and secure a rate soon and regularly review rather than holding off.”
