Virgin Money launches new ‘Fix and Switch’ purchase products

As of tomorrow, Friday 9 February, Virgin Money is introducing new mortgage products and rate adjustments.

As part of the changes, the lender is introducing a 95% loan-to-value (LTV) 5-year fixed rate mortgage at 5.54%, offering £250 cashback for first-time buyers.

Additionally, a 70% LTV 5-year fixed rate remortgage will be available at 4.99%, including free valuation and legal services.

These offers fall under its Exclusive Purchase – Fix and Switch fee-saver with 2-year Early Repayment Charge (ERC) scheme, with end dates extended to June of the relevant year.

In addition to these new products, Virgin is also introducing a number of rate changes across its existing products.

In line with these adjustments, its 85% LTV Purchase Exclusive 5-year fixed rate is set to increase by 0.05%, reaching 4.49%.

Additionally, its 90% LTV Purchase Exclusive 5-year fixed rate, which includes a £1,295 fee, will see a rise of 0.10% to 4.50%.

For remortgages, both 60% and 70% LTV Exclusive fixed rates will experience a 0.05% increase, with rates starting from 4.24%.

Furthermore, Exclusive Buy-to-Let (BTL) fixed rates, accompanied by fees of £2,195 and 1%, will also see a 0.05% increase, starting from 4.25% and 4.39% respectively.

Lastly, product transfer options for 2-, 3-, and 5-year fixed rates will begin from 3.98% for 65% LTV and 4.84% for 80% LTV.