Virgin Money has announced a major restructuring of its mortgage products, discontinuing several options and introducing new rates across its range.
The bank has withdrawn its remortgage exclusives with a £995 fee, specifically the 60% loan-to-value (LTV) 5-year fixed rate at 4.90% and the 70% LTV 5-year fixed rate at 4.95%.
Other withdrawn products include 60% and 70% LTV 2-year fixed rates as well as a 60% LTV 7-year fixed rate.
Additionally, the 65% LTV 2-year Everyday Freedom to Fix Tracker rate will be increased by 0.07%, now standing at 5.55%.
In contrast, the bank is introducing several new remortgage exclusives with a £995 fee and £250 cashback, including a new 60% LTV 2-year fixed rate at 5.40%, and a 70% LTV 2-year fixed rate at 5.49%.
Also being launched are new 60% and 70% LTV 5-year fixed rates at 4.95% and 4.98% respectively, as well as a new 60% LTV 7-year fixed rate at 4.95%.
Additionally, buy-to-let (BTL) remortgage and purchase exclusives will see adjustments.
Notably, rates for 50% and 60% LTV 2-year fixed products will be reduced by 0.06%, while the 5-year fixed rates will be reduced by up to 0.21%.
BTL exclusives with a 3% fee and purchase exclusives with a £1,295 fee will also undergo rate reductions.
Moreover, selected product transfer fixed rates will be lowered by up to 0.14%, with rates now starting from 4.99%.
