Virgin Money has introduced a series of rate reductions on its fixed-rate mortgage products, which will take effect tomorrow (Tuesday 13th August).
For purchases with £300 cashback, Virgin Money is reducing the rate for its 65% loan-to-value (LTV) 2-year fixed-rate mortgage with a £995 fee by 0.24%, bringing the rate down to 4.43%.
Similarly, its 75% LTV 2-year fixed-rate mortgage with a £995 fee will see a reduction of 0.29%, also resulting in a 4.43% rate.
For those looking at 5-year fixed-rate options, both the 65% and 75% LTV products with a £995 fee will see a 0.21% reduction, lowering the rate to 3.99%.
In addition, the fee-saver options will also see reductions.
The 65% and 75% LTV 2-year fixed-rate fee-saver mortgages will have their rates lowered by 0.23% and 0.28%, respectively, to 4.68%.
The 65% and 75% LTV 5-year fixed-rate fee-saver products will be reduced by 0.18%, resulting in a new rate of 4.14%.
Virgin Money’s exclusive purchase products with £300 cashback will also benefit from rate reductions.
The 80% LTV 2-year fixed-rate mortgage with an £895 fee will be reduced by 0.12%, to 4.71%, while the 5-year equivalent will see a 0.12% reduction, bringing the rate to 4.32%.
The fee-saver options in this category will also see changes, with the 2-year product rate reduced by 0.15% to 4.93%, and the 5-year product reduced by 0.11% to 4.44%.
For remortgage products with a £995 fee, the 60% LTV 2-year fixed-rate mortgage will be reduced by 0.19%, to 4.40%, while the 70% and 80% LTV 2-year options will see reductions of 0.08% and 0.20%, respectively, to 4.61% and 4.95%.
The 5-year fixed-rate remortgage products will also benefit from reductions, with the 60% LTV rate dropping by 0.17% to 4.06%, the 70% LTV by 0.18% to 4.20%, and the 80% LTV by 0.14% to 4.61%.
Remortgage fee-saver products will see similar reductions. The 60% LTV 2-year fixed-rate will be reduced by 0.18%, to 4.77%, the 70% LTV by 0.15%, to 4.85%, and the 80% LTV by 0.28%, to 5.26%.
For the 5-year options, the 60% LTV rate will drop by 0.18%, to 4.16%, the 70% LTV by 0.10%, to 4.43%, and the 80% LTV by 0.09%, to 4.77%.
In addition to these specific reductions, Virgin Money will also implement several other rate changes.
The lender’s 90% LTV 5-year purchase fixed-rate fee-saver will see an increase of 0.10%, with new rates starting from 4.99%.
Selected Core Remortgage fixed rates will be reduced by up to 0.20%, with rates starting from 4.12%.
Virgin’s Own New fixed rates will see reductions of up to 0.29%, with rates starting from 0.45%.
Its 75% LTV Retrofit Boost 5-year fixed rate will be reduced by 0.21%, to 4.29%.
Other changes include reductions of up to 0.24% on selected £1m-plus fixed-rate products with a £1,995 fee, with rates starting from 4.14%.
Core buy-to-let (BTL) fixed rates will be reduced by 0.10%, with rates starting from 4.60%, while selected product transfer fixed rates will see reductions of up to 0.23%, with new rates starting from 4.01%.
BTL product transfer fixed rates will also be reduced by 0.10%, with rates starting from 4.29%.
Mortgage brokers are advised to submit applications for these products by 8pm today, Monday 12th August.
