Virgin Money has announced a range of new mortgage products and significant rate reductions, effective from Wednesday, 31st July. The bank is introducing several new 2-year and 5-year fixed-rate remortgage products, as well as making cuts to existing rates across its mortgage range.
Among the new offerings is a 2-year fixed-rate remortgage with free valuations and legal services. The new rates include a 60% loan-to-value (LTV) product with a £995 fee at 4.59%, a 70% LTV product with a £995 fee at 4.75%, and an 80% LTV product with a £995 fee at 5.17%. Additionally, Virgin Money is offering fee-saver options for these remortgages, with rates starting from 4.95% for a 60% LTV and 5.00% for a 70% LTV.
In the 5-year fixed-rate remortgage category, new products include a 60% LTV with a £995 fee at 4.25%, a 70% LTV with a £995 fee at 4.39%, and an 80% LTV with a £995 fee at 4.75%. Fee-saver options for these 5-year fixed rates start at 4.35% for a 60% LTV and 4.56% for a 70% LTV.
Virgin Money is also reducing rates on several existing remortgage products. Fix and Switch rates will see a reduction of 0.10%, with new rates starting from 4.89%. The 75% LTV 2-year and 5-year £1m+ fixed rates with a £1,995 fee will be reduced by up to 0.31%, with rates starting from 4.56%. Selected fixed rates with a £995 fee will be reduced by up to 0.23%, with rates starting from 4.32%, while fixed rate fee-savers will see reductions of up to 0.20%, starting from 4.42%.
For purchase products, selected Fix and Switch rates will be reduced by 0.05%, starting from 5.24%. The 80% LTV Exclusive 5-year fixed rate with an £895 fee will be reduced by 0.08% to 4.44%. The 75% LTV 2-year and 5-year £1m+ fixed rates with a £1,995 fee will be reduced by up to 0.30%, with rates starting from 4.49%. Selected fixed rates with a £995 fee will be reduced by up to 0.10%, with rates starting from 4.29%. Selected fixed rate fee-savers will see reductions of up to 0.10%, starting from 4.44%.
In the buy-to-let (BTL) category, Fix and Switch rates will be reduced by 0.10%, with new rates starting from 4.94%. The BTL 5-year fixed rates with a £2,195 fee will be reduced by 0.05%, with rates starting from 4.37%. Selected BTL fixed rates with a £995 fee will be reduced by up to 0.10%, with rates starting from 4.74%, while BTL fixed rate fee-savers will be reduced by up to 0.06%, starting from 4.91%.
Virgin Money will also withdraw the 80% LTV Remortgage 2-year fixed rate with an £895 fee at 5.29% and the 80% LTV Remortgage 5-year fixed rate with an £895 fee at 4.80% at 8 pm tonight (Tuesday, 30th July).
